An Insurance First, Inc. (IFI) Agent will assist you in reaching a rapid resolution to your claim. By combining technology with a down-to-earth people approach, we’re ready when you need us. Please keep the following in mind if you have a claim:

 

 

 

An IFI Agent will either take the initial claim report, or provide you with the Claims Telephone # for you to call and report your claim directly. The Agent will also give you an overview of how the claims process works for your particular situation. From there, a Claims Professionalwill immediately begin processing your insurance claim. After you report the accident, you can expect the following steps to be completed in a prompt, professional and courteous manner. An adjuster will be assigned to:

 

 

If you are involved in an accident with someone insured by IFI, please contact us directly at 301-874-5800, or call the insurance company directly to report the claim. (See the Report a Claim section for details.) You can report a claim 24 hours a day, seven days a week, to begin processing your claim. Please call right away, even if:

 

 

If our investigation determines that our insured is at fault, we will pay the amount the insured is legally responsible for, up to the limits of their coverage.

             

With the exception of an automatic draft from your checking account, you can change your pay plan at any time during the policy period. You do, however, need to consider where you are in the policy term for certain plans, i.e. annual or semiannual plans. The only time you can make changes to your automatic draft is at the renewal, unless you are stopping the draft.

 

 

Billing a mortgage company for the premium due is done as a convenience to the Policyholder who is still responsible for the premium due. Should the mortgage company fail to remit the premium due; all subsequent requests for any premium are sent to the Policyholder.   Please call us to verify that we have the correct mortgage information. Many times an insured has refinanced, or the Mortgage Company will sell their loan, and we may not have been notified of the change. If this is the case, we will collect the correct mortgage information from the insured and contact the mortgage company to have them remit payment.

 

It depends on the insurance company with whom you are insured. Progressive Insurance accepts credit cards payments. Erie accepts credit cards in all states except Maryland, New York and North Carolina. However you can pay by phone or online via a checking or savings account.

 

A number of factors can be involved. Listed below are the most common factors:

 

·         A new vehicle could have replaced an existing vehicle during the policy period.

·         An accident or moving violation may have resulted in a surcharge or loss of discounts that were not applicable to the previous term.

·         There could have been an overall rate increase not specifically related to your individual situation.

 

 

·         Increasing deductibles is an option.

·         Verify with your agent that all your information is correct such as, use of vehicles. and listed operators in the household.

·         Verify that all discounts for which you may qualify are being applied, such as multi policy discount, mature driver discounts, antilock brake and anti theft discounts. 

·         You have an older vehicle on the policy with a low actual cash value. Do you need to carry comprehensive or collision coverage on that vehicle?

 

 

Whenever you knowingly loan your car to a friend or relative, they will be covered under your automobile policy. In fact, even if you do not give explicit permission each time a person borrows your car, they are still covered to drive your car. If an individual drives your car on a regular basis, they should be added as an operator. Please discuss this with your agent before adding anyone to your policy, because it could adversely affect your coverage and rates.

 

If all vehicles you own are insured with the same company, you will be covered for the broadest coverage on your existing policy. If you have liability coverage only, then you will not be covered for physical damage coverage until you can contact the company.

 

You will have comprehensive and collision coverage subject to your deductible as long as you have comprehensive and collision coverage on one of the vehicles listed on your policy. This applies only to personal autos that you rent. Commercial vehicles are not covered under the Personal Auto policy.

 

NO! You must purchase coverage for flood on a separate policy.

 

 

Not all homeowner’s policies provide this coverage. You should contact your agent to verify that you have replacement cost coverage.

 

 

There are a number of ways to decrease your premium.

 

·         Increase your deductible.

·         Confirm the value of your home with your Agent.

·         Look for any discounts for which you may qualify, such as multi-policy discounts, security systems, etc.

 

 

As long as you have an active homeowner’s policy with personal property coverage, you will be covered for the named perils listed in the policy while your property is in transit.

 

 

Your child must be a full-time student and a resident of your household in order for their personal property to be covered while away at school.

 

 

 

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations as well as other situations:

 

·         Replacement income for dependents – If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children.  However, it can also apply to couple in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially.

 

·         Pay Final Expenses – Life insurance can be used to pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

 

·         Create an inheritance for your heirs – Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy, and naming them as beneficiaries. 

 

 

Property insurance protects your buildings and equipment, stock, furniture and fixtures. Some policies include equipment breakdown and business income coverage. Basic property insurance will generally cover your business for losses in the event of a fire or lightning strike and will pay the cost of removing property to protect it from further loss. Additionally, a standard small business insurance policy will cover losses from windstorm, hail, explosion, riot and civil commotion and damage caused by aircraft, automobiles, vandalism.

 

Property insurance can be purchased on the basis of the property’s actual cash value (the replacement cost minus depreciation); its replacement value (the cost of replacing the item without deducting for depreciation); or an agreed-upon amount.

 

There are many types of third party liabilities to be covered for a business. Business liability insurance may protect you from claims arising from someone’s bodily or personal injuries. Other items that could be covered are damage to the property of others,  products-completed operations, advertising, premises operations, fire, legal liability and related legal defense costs. For instance, liability insurance will not only pay the cost of covered damages but also the attorney fees and other costs associated with your defense.

 

 

This refers to the injury, sickness, disease or even death, of any person that occurs during the policy period.

 

Personal and advertising injury means being responsible for libel, slander or any defamatory or disparaging material, or a publication or utterance in violation of an individual’s right of privacy; wrongful entry or eviction or other invasion of the right of private occupancy; false arrest, wrongful detention, false imprisonment, or malicious persecution; which occurs during the policy period.

 

 

While claims-made coverage applies to a claim which is made during the policy period, prior acts coverage offers protection for wrongful acts that happened before the inception date of any insurance policy but have yet to become known. For example, a buyer of E&O insurance may want to extend coverage for a period of time prior to when the coverage becomes effective just in case.

 

Many personal auto insurance policies exclude coverage if a vehicle is used mainly for business. A commercial auto policy provides coverage for autos owned by a business if these vehicles are in an accident. The insurance pays to repair or replace the vehicle and the vehicle of the third party damaged by the employee. It also pays for the medical expenses of those injured in an accident.

Most commercial auto insurance policies cover the liability for a business if employees use their own cars for business, provided that the business owner has purchased coverage for non-owned liability. Separate non-owned physical damage coverage is available to cover actual damage to the auto. However, the employees’ personal auto policy would be the primary coverage for damage to their vehicle.

 

A BOP is a customized policy for small businesses that combines property insurance and liability insurance in one policy, and generally includes additional coverages at little or no additional premium. So it allows you to have broad coverage at affordable premiums. Most insurance carriers have customized BOPs for particular industries and services.

 

Even if you have a BOP, most small business owners should consider adding coverage for conditions that might not otherwise be covered. Additional coverages tailored to your industry are often available, such as temperature changes, equipment breakdown, or computer equipment failure.

 

This insurance may reimburse you for the net income that would have been earned if, for example, a fire or other covered causes of loss had not occurred. Losses due to down time or extra expenses needed to restore operations (such as additional property rental) also may be covered.

 

 

Employment practices liability insurance (EPL) is designed to protect employers against claims of employee sexual harassment, discrimination, wrongful termination, and other employment-related litigation. Many insurance companies offer employment practices liability insurance as part of their business owner’s policy or as a stand-alone policy.

 

Despite its misleading name, inland marine is a broad type of insurance which covers articles that may be transported from place to place as well as via bridges and tunnels. Specifically, this type of insurance protects a wide range of high risk, mobile items, including: specialized contractor’s tools and equipment, electronic data processing systems from mainframe computers to laptops, fine art objects, and jewelry.

 

WORKERS COMPENSATION FREQUENTLY ASKED QUESTIONS

 

Workers’ compensation is insurance designed to protect both employees and employers in the event of work-related accidents or illnesses. It provides the injured employee with medical coverage and the employer with protection from liability (except in cases of extreme negligence).

 

In most states, workers’ compensation is required when you have one or more employees. There are a few states that do not require employers to carry workers compensation coverage.

Three ingredients are needed to establish what rate of workers’ compensation insurance an employer should pay:

 

·         Payroll – The basis for a workers compensation insurance premium is the employer’s “payroll” or “remuneration.” Specific rules must be followed regarding the forms of remuneration that are to be included in determining the total payroll. For each $100 in total payroll, there is a specific rate, which is determined by industry classification

 

 

·         Employer Classification - Employers are separated into groups according to the type of work they do. The “classification system” designates which types of work pose the most risk to the employees performing the tasks. For example, a roofer is at more risk for injury than a receptionist in an office. Each classification of employer must pay a designated amount for workers’ compensation insurance based on every $100 in payroll. The classification code numbers are assigned by the state.

 

·         Experience Modification – The “experience modification” is a calculation that applies to policies with more than a pre-determined level of premiums. It identifies employers who cause or have the potential to cause excessive workers’ compensation payments within a classification of employment. It also identifies those employers with the fewest injuries. Mods are based on comparison with other employers in the same classification. Employers with low mods pay lower premiums than those with high mods. Employers who are average in frequency and severity of accidents carry a mod of 1.00. Those with fewer and less severe accidents have a mod of less than 1.00. Those with frequent and more severe accidents than average get a higher mod. 

 

After these three ingredients are in place, an employer’s workers’ compensation premium is calculated by this formula: payroll (per $100) x classification rate x experience mod. In some states, the National Council on Compensation Insurance determines the figures. This calculation does not take into account deviations, dividends, expense constant, payment plans, discounts and other programs that may be available.

 

 

Almost all states are “open market”, which means the coverage is underwritten by private insurers; and some states are “closed” or “monopolistic” – the coverage is underwritten by a state-sponsored fund (ND, OH, WA, and WY). In states that are open, rates can vary between insurance carriers depending on the type of business the carrier is attempting to attract. In an open market, the rates for workers’ compensation are competitive.

 

 

 

Your experience modification factor, or mod, is an important component used in calculating your workers’ compensation premium. If you can control your mod, you can control your price – so we’ve gathered some top tips designed to positively impact your bottom line.

 

1.      Investigate accidents immediately and thoroughly. Take corrective action to eliminate hazards.

2.      Be aware of fraud.

3.      Report all claims to carrier immediately. Alert carrier to any serious, potentially serious, or suspect claim.

4.      Frequently monitor the status of the claim and communicate with the adjuster to resolve the claim as quickly as possible.

5.      Take an aggressive approach to providing light duty to all injured employees upon their release from treatment. Supervise light duty employees to assure their conformance with restrictions.

6.      In serious cases that involve lost time, communicate with the claims adjuster so that they recognize your interest in returning the injured employee back to gainful employment.

7.      Set safety performance goals for persons with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.

8.      Develop a written safety program and train employees in their responsibilities for safety.

9.      Frequently communicate with employees on a formal and informal basis.

10. Evaluate accident history and near-misses at least monthly. Look for trends in experience and take corrective action on worst problems first, as soon as the problems manifest themselves.

 

An umbrella policy is designed to provide protection against catastrophic losses, and is generally written over various primary liability policies, such as a general liability insurance policy, business auto policy, and employer’s liability policy would provide further coverage beyond the limits of those policies.