Category Archives: TriSure

Commercial Auto Surcharge

The North Carolina Reinsurance Facility (NCRF) has recently announced that effective October 1, 2018 through September 30, 2019 ALL commercial automobile policies written and renewed in North Carolina will be surcharged 14.61% of their automobile liability insurance premiums. This is a surcharge levied by the NC Reinsurance Facility and none of this money is kept by the insurance companies. All insurance companies licensed to do business in NC are required to assess this surcharge. This is a significant increase and we wanted to alert you now for budgeting and planning purposes.

The NCRF is basically the “ceded” automobile facility for NC automobile insurance. In other words, this is where the difficult/poor performing/undesirable risks obtain auto liability insurance. Many people liken this to the “Assigned Risk” pool only for auto liability instead of Workers Compensation.

According to the NCRF website, (www.ncrb.org) their results for this auto business have deteriorated rapidly over the past few years. Most insurance carriers have also noted that standard commercial and private passenger results have been steadily declining. Reasons cited include 1)distracted driving, 2) higher number of vehicles on the road/congested roads, 3) increased medical costs, and 4) increased repair costs due to more expensive parts, systems, etc. While all these reasons have led to steadily increasing auto rates, an assessment/surcharge of this significance has not been seen by us before. We hope this is a one-time, one year assessment, but have no way of predicting what will happen in late 2019.

In the meantime, we have seen a few “less than accurate” comments spread to our clients so we wanted to get a factual list of bullet points as a basis of reference.

1. This is a mandatory surcharge that ALL NC licensed insurance carriers will collect and pay to the NCRF.
2. This is for commercial autos, and the 14.61% will be applied to the premiums for liability, medical payments, uninsured and underinsured motorist coverage. (not against comprehensive or collision)
3. No agent or carrier has a “special” program or carrier to get around this.
4. This is not considered an increase by the insurance carriers and they will not retain any of this premium. The dollars paid for the surcharge do not apply to your loss ratio.
5. The surcharge will apply for one policy year, starting with your first renewal, on or after October 1, 2018.
6. Carriers are still struggling with exactly how this surcharge will be shown on your renewal policies, etc. However, the charge will be there. No carrier could possibly afford to absorb this and any expectations or comments from individuals that they will, are not credible to the best of any reasonable persons expectations.

Please do not hesitate to call us with any questions or concerns in this matter. We will keep everyone appraised if any new information becomes available.

Click here for the NCRF Announcement

Should You Freeze Your Credit?

With the Equifax Data Breach, you should consider taking a look at measures to protect your credit.

The following article and link from Clark Howard shows how to freeze your credit at all three credit agencies: http://clark.com/personal-finance-credit/credit-freeze-and-thaw-guide/ (see excerpt below)

We have also included information from North Carolina Attorney General Josh Stein indicating that North Carolinians can obtain a FREE CREDIT FREEZE: http://www.ncdoj.gov/getdoc/5ec7dfeb-a28e-4b26-92c2-42df5fa0c36e/2-4-3-1-1-Freeze-Your-Credit.aspx (see excerpt below)

Excerpts on both articles are below but please check the web links as well.

Excerpt from the Clark Howard Article
http://clark.com/personal-finance-credit/credit-freeze-and-thaw-guide/

With Equifax’s announcement of its catastrophic security breach, now would be a really good time to consider freezing your credit, if you haven’t already. Credit freezes are one of the most effective ways for consumers to protect themselves against identity theft — and this goes for anyone at any time — regardless of whether you were impacted by this specific breach.

And it’s imperative that you freeze your credit with all three main credit reporting agencies: Equifax, Experian and TransUnion.

Below is a quick reference guide on how to put a freeze in place with each bureau, followed by more information on the process, how to thaw your credit and more.

How to freeze your credit with all three agencies

TransUnion
Online: Visit the Credit Freeze page here
https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp
By phone: 1-888-909-8872
By mail: Request your credit freeze by certified mail using this sample letter. Please note the attachments you must include.
Use the following address:
TransUnion LLC
P.O. Box 2000
Chester, PA 19016

Credit freezes may be done online, by phone (1-888-909-8872) or by certified mail – return receipt requested.
Unfreeze: Do a temporary thaw of your TransUnion credit freeze online or by calling 1-888-909-8872.
Info on freezing a child’s credit with TransUnion can be found here.

Equifax
Online: Visit this page to freeze your credit with Equifax. Important note: With such high traffic to the website, if you can’t get your request processed, just wait about a week and try again.
https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp
By phone: 1-800-685-1111 (NY residents please call 1-800-349-9960)
By mail: Request your credit freeze by certified mail using this sample letter. Please note the attachments you must include.
Use the following address:
Equifax Security Freeze
P.O. Box 105788
Atlanta, GA 30348

Credit freezes may be done online or by certified mail – return receipt requested.
Unfreeze: Do a temporary thaw of your Equifax credit freeze by snail mail, online or by calling 1-800-685-1111 (N.Y. residents dial 1-800-349-9960).

Experian
Online: Visit the Credit Freeze page here
https://www.experian.com/freeze/center.html
By phone: 1-888-EXPERIAN (1-888-397-3742). When calling, press 2 and then follow prompts for security freeze.
By mail: Request your credit freeze by certified mail using this sample letter. Please note the attachments you must include.
Use the following address:
Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

Credit freezes may be done online; by certified mail – return receipt requested; or by calling 1-888-EXPERIAN (1-888-397-3742). When calling, press 2 then follow prompts for security freeze.
Unfreeze: Do a temporary thaw of your Experian credit freeze online or by calling 1-888-397-3742.

What exactly is a credit freeze?

A credit freeze allows you to seal your credit reports and use a personal identification number (PIN) that only you know and can use to temporarily “thaw” your credit when legitimate applications for credit and services need to be processed. The added layer of security means that thieves can’t establish new credit in your name even if they are able to obtain your personal information.

Freezing your credit files has no impact whatsoever on your existing lines of credit, such as credit cards. You can continue to use them as you regularly would even when your credit is frozen.

Freezes have been available for free to victims of identity theft for some years, but recently all three of the major credit bureaus adopted new rules that now allow non-victims to have access to credit freezes as well for a small fee. In addition, most states and Puerto Rico have adopted laws establishing credit freezes for residents of their state.

Residents of various states may also freeze the credit reports of their minor children. Visit the National Conference of State Legislatures to see what the law is in your state.

The cost ranges from about $3 to $10 per person per bureau to freeze a credit report; a couple of states have higher fees. (North Carolina is free)

*When you do a credit freeze, it is imperative that you freeze your credit with all three bureaus.*

When shouldn’t you freeze your credit?

If your credit reports are accessed often for work or because you create new accounts with various financial institutions on a regular basis, it is not recommended that you freeze your accounts. The costs to regularly “thaw” your reports would tend to be excessive.

How/when to thaw your credit

The cost to “thaw” your reports for one creditor — or for a specific period of time — ranges from free to $10.

Four states remove your credit freeze automatically after seven years. These states are Kentucky, Nebraska, Pennsylvania and South Dakota.

In most states, your credit freeze remains permanently on your files until you request removal. But not so in the states listed above, according to the Consumers Union’s guide to security freeze protection.

Excerpt from the NC Attorney General’s Office
http://www.ncdoj.gov/getdoc/5ec7dfeb-a28e-4b26-92c2-42df5fa0c36e/2-4-3-1-1-Freeze-Your-Credit.aspx

FREEZE YOUR CREDIT
What Is a Security Freeze?

A “security freeze” is a consumer right provided by North Carolina law, enacted as part of the Identity Theft Protection Act of 2005. Placing a security freeze on your credit reports blocks access to your credit unless you have given your permission. This can prevent an identity thief from opening a new account or getting credit in your name.

North Carolina consumers can get a free security freeze online under NC law. Identity theft victims who have filed a police report, their spouses, and consumers over the age of 62 can also get free security freezes by mail or phone.

A security freeze, also known as a credit or a file freeze, can be lifted (or “thawed”) temporarily when you are applying for credit, or removed permanently.

Under a new North Carolina law, parents and guardians can shield their children’s credit report with a special Protected Consumer security freeze. These freezes can also be used to safeguard incapacitated adults.

How a Security Freeze Works

Once you’ve placed a security freeze on your credit, a creditor who asks to see your file will see a message that your file is frozen.  The creditor will not see your credit score, and may treat your application as incomplete but not rejected.

Government agencies collecting child support payments or taxes and your existing creditors or collection agencies acting on their behalf can continue to access your credit despite the freeze.

Other creditors may also use your information to offer you pre-approved credit.  You can stop most credit offers by calling (888) 5-OPT-OUT or visiting www.optoutprescreen.com.

You will still be able to get a free copy of your credit report annually from each credit bureau.

There apparently is a 4th credit agency, Innovis.
https://www.innovis.com/personal/securityFreeze
Innovis Security Freeze Options
You can request a Security Freeze or manage an existing Security Freeze:
Online: Submit the Security Freeze Request Online form.
Phone: 1-800-540-2505
Mail: Complete the Security Freeze Request by Mail form.
Walk in: 875 Greentree Road, 8 Parkway Center, Pittsburgh, PA 15220

A Security Freeze will be placed on your Innovis Credit Report after your request has been received and your identity has been verified. You will receive a confirmation letter by mail that contains a 10-digit Security Freeze Confirmation Number. You can request a replacement Security Freeze Confirmation Number or a lift pin online, by phone, or by mail.

TriSure Hurricane Irma Preparedness

As Hurricane Irma moves towards the US, we encourage you to begin to prepare this week. We have attached some documents to our website that are excellent resources as you do so. TriSure will be there for you if Irma comes our way.

Your best defense against natural disasters is to be prepared and informed. By using the checklists and tips below, your family and your business will be better prepared if a hurricane strikes.

Prepare Your Business

Visit www.ready.gov/business for program management, planning, implementation, testing and exercises, and program improvement ideas.

Prepare at Home

Flooding

**Your homeowner’s insurance does not cover floods. Flooding can happen anywhere at any time, so make sure you have a flood policy in place. Typically, there is a 30-day waiting period from date of purchase before your flood policy goes into effect. Contact us if you are interested in a flood quote.**

Claims

Here are a few pointers to reduce your exposure to damage and expedite your claim.

  1. Be prepared.
    Have your policy and contact information organized and with you before the storm hits. Gas up your vehicles, charge your cell phones and protect your property. Make sure you include critical documents and electronic data.
     
  2. Be specific.
    Is there interior water damage, an impact to your ongoing operations or the potential for additional damage?
     
  3. Be proactive.
    Do temporary repairs to reduce ongoing or additional damage.
     
  4. Be sure to document.
    Take pictures and keep receipts.
     
  5. Be safe.
    Most importantly, take care of your family, pets and staff.

Gather Vital Insurance Information

Including policy numbers, insurance carrier, and the name and number of your TriSure Representative. Please call our office at 919-469-2473 or 800-277-7702 if we can help you gather this information.

TriSure Helps Kids go Back to School with Pride

TriSure Helps Kids go Back to School with Pride

TriSure participates in the Back To School With Pride Backpack Project to get Triangle kids ready for school!

TriSure employees provided 31 new backpacks full of supplies for students in need, preparing for school this fall. As we have done in previous years, we were pleased to help with the “Back to School With Pride Project” sponsored by the Friends of the Wake County Guardian ad Litem Program.