Underwriting Policies & Procedures

Binding Coverage
Cancellation
Claims Reporting
Expense Constant
Incomplete or Inaccurate Paperwork
Late Fees
Membership Requirements for Insured
Premium Payment Plans
Quotation for Coverage Page
Reinstatement
Surety Bond Program

BINDING COVERAGE
Coverage cannot be bound via phone or voicemail; written notification (fax or email is accepted).

CANCELLATION
15-day notice of cancellation -- Non-payment of premium

30-day notice of cancellation

Change of exposure
Failure to furnish year-end audit information
Failure to submit monthly payroll reports
Non-renewal of association membership

45-day notice of cancellation -- Non-compliance with loss control recommendations

If cancellation is requested by the Insured -- Agents must provide a completed Cancellation Request/Policy Relase Form, Acord 35, or submit on the insured's letterhead a cancellation request which includes:

• the signature of owner
• reason for termination
• effective date of cancellation

Mid-policy cancellations will result in a short-rate penalty calculated on the NCCI table.

EXPENSE CONSTANT
The FBI Expense Constant is $210.

INCOMPLETE OR INACCURATE PAPERWORK
If FBI receives incomplete paperwork, the premium deposit check will not be posted until all required paperwork is received. If not received promptly, coverage under the binder will be revoked and the unposted deposit check returned to the agent. FBI can reconsider coverage only if a new application is submitted.

LATE FEES
Completed worksheets (including those reporting zero payroll) and premium payment are due by the 15th of EACH MONTH. Worksheets and Checks RECEIVED ON THE 16th (or thereafter) WILL BE CHARGE A $25 LATE FEE ACCESSED IMMEDIATELY.

MEMBERSHIP REQUIREMENTS (FOR INSURED)
First Benefits Insurance is an association-based workers' compensation program. Policyholders are required to maintain an active membership in one of the following endorsing organizations:

• Carolinas Food Industry Council (CFIC)
• North Carolina Retail Merchants Association (accepts membership from all types of businesses)
  NOTE: For those insureds who choose NCRMA membership, the first year's dues will be waived.
• North Carolina Tire Dealers and Retreaders Association
• Turfgrass Council of North Carolina
• North Carolina Mutual Drug or
• Any of the participating Chambers of Commerce throughout
  North Carolina. Click Here for a complete list of participating Chambers.

QUOTATION FOR COVERAGE PAGE includes:

• Pro-rated premium due
• Discretionary discounts up to 40%
• Endorsing Organization Membership Option Form
• Expense Constant of $210
• Policy Effective date

REINSTATEMENT

• Reinstatement requests will be determined by the FBI Underwriting Department.
• Reinstatement consideration must be received within 20 days following the effective date of cancellation.
• Documents required for consideration of reinstatement:
  • Written request to reinstate
  • No loss letter from the cancellation date to current date
  • Payments of all outstanding monies owed

If the request is NOT received within 20 days, a NEW application may be submitted to FBI.