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Premium Increase Not Set in Stone as MOD Adjustment Returns $150,000 to Concrete Manufacturer

By Business Insurance, Insurance, Insurance People of North Carolina

INSURED – This free-cast prestressed concrete manufacturer and contractor has annual revenues of nearly $15 million and employs 60 people. SITUATION – The company, which traditionally had an Experience Modification Factor in the .89 to .90 range, saw a rise to 1.2. This resulted in the company going from a credit experience modification factor (under 1.0) to a debit or penalty experience modification rate (over 1.0). To further illustrate how the increased rate impacted standard annual premium: Previous: $40,000 annual premium times the experience modification factor of .90 = $36,000 New: $40,000 annual premium times the experience modification factor of…

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Error in Classification Ruling Nearly Costs Auto Repair Company Thousands in Higher Premiums

By Business Insurance, Insurance, Insurance People of North Carolina

INSURED – Located in Wisconsin, this auto repair business also does retail parts sales and auto dismantling. The company employs seven people. SITUATION – The Rating Board showed up unannounced to undertake a classification audit. The audit resulted in a re-classification of the business, moving the company into a higher risk bracket and potentially increasing its annual premiums. ASSESSMENT – CWCAs reviewed the new findings by the Rating Board and discovered that the company was reclassified from auto repair to auto dismantling, based on the Rating Board’s determination that the greatest revenue was derived from that line of service. Through…

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Implementation of Comprehensive Workers’ Comp Program Saves Auto Dealer $2 million in First Year

By Business Insurance, Insurance, Insurance People of North Carolina

INSURED – This chain of full-service automobile dealerships employs more than 500 people divided into three work classes – dealer, auto salespeople and clerical. The company does more than $250 million in business. SITUATION – The frequency and severity of claims being incurred by the employer were staggering. It had experienced more than 100 claims for each of the previous three years. The costs of those claims averaged more than $700,000 per year and the most recent year they topped $900,000. These numbers had already driven up the employer’s Experience Mod to 1.3 – more than twice the minimum level…

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Top 4 Holiday Fire Hazards and How to Avoid Them

By Insurance, Insurance People of North Carolina

  The Holidays are a time of happiness that is to be shared with family and friends. For many, traditions include candle lit windows, colorful Holiday lights hung around the house and tree, and a warm fire place burning into the night. Although it is important to embrace and enjoy the Holiday spirit, we must also invest some time to ensure proper risk management precautions are taken. Dedicating a few minutes to review possible fire hazards will allow for a safe and sound Holiday season. Click on the link below to read an article written by Chubb Insurance on the…

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Charter School Webinar

By Business Insurance, Insurance, Insurance People of North Carolina, Specialty Insurance

Insurance People of North Carolina is the largest insurer of Charter Schools in the Carolinas – there is a reason for that. Check out our webinar that showcases our process on how we help mitigate risks and improve their bottom line. Our agency values education and loves to help schools reach their true potential! Special thanks to the Charter School Business Network, Leaders Building Leaders, and the North Carolina Association for Public Charter Schools for hosting us!

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Post-Hurricane: Cleanup, Donations and Avoiding Scams

By Insurance, Insurance People of North Carolina

Hurricane Florence made landfall this weekend, dumping rain that has caused major flooding to the coast and inland cities of the Carolinas. Shocking photos surfacing online portray the severity of losses impacting cities like Wilmington, New Bern, and Fayetteville. Fortunately, the skies have cleared, which allowed first-responders and trained volunteers to begin the recovery effort on Monday. We have compiled three articles written by the Centers of Disease Control, the Charlotte Observer, and Forbes on helpful tips regarding post-disaster cleanup, reputable charities for donations, and how to avoid scams. Please review the links below to gain a better understanding: “Clean…

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Insurance Company Claim Phone Numbers

By Insurance, Insurance People of North Carolina

Bankers 800-765-9700 Builders Mutual 800-809-4862 Chubb 1-800-252-4670 Cincinnati 877-242-2544 Foremost 800-527-3905 Frontline 800-675-0145 Great American 888-317-4828 Guide One 888-748-4326 Hagerty 800-385-0274 Hanover 800-672-9006 Hartford 1-800-327-3636 Catastrophe Center 1-800-243-5860 Kemper 888-252-2799 Liberty Mutual 1-844-825-2467 Lighthouse 877-852-0606 Markel 800-362-7535 NCJUA 800-662-7048 National General 1-800-468-3466 Penn National 800-766-2245 Philadelphia 1-800-765-9749 Catastrophe Call Center 1-800-765-9749 #3 SC Wind 803-779-8373 Safeco 800-332-3226 Selective 866-455-9969 Selective Flood 877-348-0552 Travelers 1-800-238-6225 UPC 888-256-3378 USLI 888-875-5231 Universal Property & Casualty 800-425-9113 Utica 1-800-216-1420 Zurich 800-800-3907

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Preparing for Hurricane Florence

By Business Insurance, Insurance, Insurance People of North Carolina, Personal Insurance

North Carolina, South Carolina, and Virginia have already declared states of emergency as they anticipate the potential impacts from Hurricane Florence. Current computer models agree that the storm is heading for the Carolinas and could hit land as a Category 3 or Category 4 Hurricane (111+ mph winds). Many residents that have lived in the area for the past 20 years understand the detrimental powers a hurricane of this size can bring – Hurricanes Fran (1996) and Floyd (1999). Being ready for a natural disaster can save money, time, property, and lives. Here are 5 crucial tips on the best…

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Heading to College: What to Insure

By Insurance, Insurance People of North Carolina, Personal Insurance

Check out this post from Selective as students gear up to head to college. The link to their full post is below. This weekend is move-in for most colleges and universities in North Carolina. Parents and family members will travel across the state to help their freshman transition his/her life and belongings into a new room, campus, town, and alma mater. As the parents drive away with an empty backseat, questions arise if they have done enough to prepare their child for the journey ahead. Most things are out of the parents’ control but one thing they can do is…

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Is Your Vacation Home Properly Protected?

By Insurance, Insurance People of North Carolina, Personal Insurance

Our friends at Selective have something we want to share! Link to the full post is at the bottom. Your vacation home is your precious getaway, a place far from the stress that results from work and everyday problems of normal life. Whether your vacation home is at the beach or in the mountains, the scenery and a little peace and quiet is all it takes for your world to stop spinning. The last thing you want is for stress to follow you to your vacation home but unfortunately, risks lay around every corner- even in the most beautiful places….

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