You may have received a letter or e-mail from Terrafirma recently, alerting you to a slight increase to the price of your 2018 Terrafirma premium. Please see below for more details on how the Terrafirma committees arrived at this decision. If you have any questions, please do not hesitate to call or write to any of us at the Alliance Risk Management Services team.
Terrafirma has helped land trusts like yours defend their conservation portfolios since March 2013, increasing services along the way. After almost six years of enjoying fixed premium prices, though, rates must go up slightly in 2018.
Challenges have steadily risen over the years, both for Terrafirma members and in the land trust community at large.
In early 2017, Terrafirma commissioned an actuarial report indicating that a price change was necessary to keep Terrafirma strong and solvent, and protect the interests of all enrolled members.
See more on Terrafirma claims trends here.
As a nonprofit, Terrafirma is dedicated to complete transparency and service to members. See all previous financial reports here.
The cost will rise from $60 per parcel to $63 per parcel starting with the 2018 policy period. Registration opens December 1, 2017 and closes February 1, 2018. Coverage begins March 1, 2018.
The Members Committee represents the owner member land trusts of Terrafirma Risk Retention Group LLC and is responsible for approving its policies and strategic direction. It also performs specific oversight functions with respect to Terrafirma contractors, consultants, operations, budgets and legal compliance. It works to ensure the sustainable, prudent and effective operation of Terrafirma consistent with its mission and applicable laws.
The ARMS team sends out monthly updates and tips through their short newsletter e-mail, TerraBites. Sign up by clicking on the button below, and read past TerraBites here.
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Terrafirma was formed by the Land Trust Alliance in 2011 to help land trusts defend their conserved lands from legal challenge. The insured land trusts are the exclusive owners of Terrafirma Risk Retention Group LLC.
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