TerraBites

A short newsletter of bite-size ideas to chew on for Terrafirma owner-member land trusts, released January, February, May, June, September, October and November.

 

Posts tagged policy year

File all your 2023 policy year claims now!

Terrafirma wants to cover claims but needs you to file the claims on time. Sometimes it seems different from how stewardship staff approach problem resolution. You can think of it as a separate track from your resolution process that requires immediate notification to Terrafirma at the first indication of a possible problem, even if trivial, uncertain or just barely amiss, in the policy year in which you knew or should have known of the possible problem.

The policy year is not the same as the calendar year — it is March 1 to March 1, plus a 61-day grace period that ends April 30. All claims must be filed within the policy year in which the problem first started (even if it’s trivial or uncertain) or coverage for the claim is jeopardized.

Terrafirma recently created a timely claim filing video explaining why it’s important to file claims on time. After a land trust files a placeholder claim, you continue to work with your landowner or neighbor to find an amicable resolution without any involvement from Terrafirma (unless the land trust asks). Filing claims with Terrafirma does not affect your premium, coverage, cost sharing or your ability to renew your policy, nor does it obligate you to proceed with the claim! If in doubt, please file a claim or contact us at help@terrafirma.org.

We’re here to help! If you have any questions, please let us know.

 

Thanks,

Tom Kester
Operations Manager and Secretary
Alliance Risk Management Services LLC
Manager for Terrafirma Risk Retention Group LLC

PS: If you loved the stewardship breakfast and roundtable at Rally in Portland, then you will want to attend the new follow-up online discussion on March 21. Join us to discuss the most pressing stewardship issues for lasting conservation facing you and your peers.

 

Terrafirma Tips

Terrafirma is a unique insurance company – a nonprofit, member-owned risk retention group, created specifically to help land trusts. Being so different can lead to some confusion. We'd like to address a few common questions and misconceptions:

  • You must file a claim when you first learn of the incident – not when litigation starts. For example, if a land trust discovers a trespass involving cut trees in January of 2019, but waits until after April 30 (the end of the 2018 grace period for filing claims) to file the claim, they will likely be barred from coverage for not reporting in time.
  • The policy year is not the same as the calendar year – it is March 1 to March 1. There is a 60 day grace period at the end of each policy period.
  • Rates won’t go up because you filed a claim. Claim history and rates are completely independent - $63 per parcel for everyone, minus any discounts.
  • A placeholder is a full claim, and there is no need to re-file the claim to be heard for a coverage determination. Just send us a quick e-mail! See more information on placeholder versus regular claims here.
  • Everything is online except for payments, which must be sent in via check. We use check payments for maximum security and cost efficiency.
 
 

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