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.
Terrafirma’s annual membership confirmation opens on Dec. 1. Here are some important points to make it easier for you:
1. NEW changed P.O. Box address to mail premium payments. Terrafirma has a new P.O. Box and will post the address as part of the application. Please use the new P.O. Box address for the 2023 premium payment to Terrafirma. Please notify your accounts payable to update their vendor list and change the Terrafirma address to use the new P.O. Box address.
2. Terrafirma’s premium increased from $63 per insured parcel to $67 per insured parcel. As highlighted in the May 2022 Terrabite, the Members Committee voted to increase Terrafirma’s premium from $63 per insured parcel to $67 per insured parcel effective for policy year 2023. The premium for land trust back-up holders or third-party enforcers increased from $31.50 per insured parcel to $67 per insured parcel. Current premium discounts and coverage limits remain the same.
3. Risk management discount opportunities are still available. To receive the Terrafirma risk management discount on your 2023 policy, one member of your land trust will need to attend an approved risk management course. An approved risk management course must be completed every year to qualify for the risk management discount for the coming policy year and discounts cannot be retroactively applied. Here are some upcoming risk management events:
If you have any questions, please let me know. You can email me directly or call 802-249-7147.
Operations Manager and Secretary
Alliance Risk Management Services LLC
Manager for Terrafirma Risk Retention Group LLC
I hope you are well and enjoying spring. I wanted to give all Terrafirma members ample notice that after five full years of stable premium prices and also retaining all the original discounts, Terrafirma must increase premium for the next policy year in 2023. This is only the second premium increase in Terrafirma’s ten years of operation.
Like everyone, inflation has increased all of Terrafirma’s costs – some of them dramatically. Attorney costs on claims increased 15% for example, and investment market decreases negatively affected additional income that would otherwise bridge expense increases.
Terrafirma’s elected Members Committee wants to ensure that Terrafirma can pay the costs for every covered claim, provide members with access to highly qualified attorneys nationwide, and provide sufficient management of Terrafirma to meet regulatory expectations.
At the recent Terrafirma Annual Meeting, the Members Committee voted to increase Terrafirma’s premium from $63 per insured parcel to $67 per insured parcel effective for policy year 2023 (next year). Current premium discounts and coverage limits remain the same.
We understand that any premium increase is not welcome news to members. Both Terrafirma and ARMS work very hard to keep costs as low as possible. The two premium increases in Terrafirma’s 10-year history represents an annualized 1.1% increase from the original 2013 premium. All the discounts and original policy limits remain the same.
I am happy to answer any questions. Please write to me at tkester[at]lta.org. Thank you for your dedication to lasting conservation!
Alliance Risk Management Services LLC
We are excited to announce a pair of new features that should make life a little easier for Terrafirma member-owners – two steps at a time.
- There is a new quick and easy way to update claims on the Terrafirma website. After you submit a claim we ask that you send us updates every three months, up until now via e-mail. You can now just click the handy blue “Add Update” bottom at the bottom of each claim instead. This will make past updates easier to track, so you can see at a glance what you last wrote and when.
- There is a new payment option! In addition to the ACH transfer option that we announced in November, you can pay via online bill pay. See details here: https://terrafirma.org/payments
Please remember that Terrafirma applications and payments are due February 3, 2020. Land trusts awaiting a February Accreditation decision receive an automatic extension to February 24.
Have questions? Please let us know. You can email us directly or call 802-262-6051 for Leslie, or 202-800-2248 for myself.
Conservation Defense Coordinator
ALLIANCE RISK MANAGEMENT SERVICES LLC
(202) 800-2248 |
P.S. As we start the new year, you might want to sit down with your attorney to review your easement template. They should understand what it takes to implement stewardship, and your on the ground feedback is invaluable.