What is the reserve premium?
The reserve premium is a contingency fund to cover losses in excess of the standard premium for the entire program. Depending upon the entire program's loss experience either all or a portion of the reserve premium will be returned to the insured after 4 years.
Are three-year policies available for surveyors?
Three-year policies are available for surveyors with annual billings of less than $250,000, as long as the firm demonstrates-among other factors-stability of revenue and excellent loss experience.
What is the minimum premium and what are the deductibles offered in the Surveyors Program?
Depending on your limits, we offer several different options:
|
Limit
(claim/annual aggregate) |
Deductible |
Minimum Premium |
|
$100,000/$100,000 |
$2,000 |
$1,000 |
|
$250,000/$500,000 |
$2,000 |
$1,424 |
|
$500,000/$1,000,000 |
$2,000 |
$1,856 |
|
$1,000,000/$1,000,000 |
$2,000 |
$2,276 |
Are higher deductibles available?
Land surveying and landscape architecture firms with greater billings may be eligible for greater deductibles, usually up to 2% of their gross billings.
Does my membership in an ACSM-member organization have an impact on my premium?
Yes. If all of your principals, officers and other parties responsible for your projects are members of any ACSM Member Organization, you may be eligible for a 15% premium reduction. The premium credit does not apply if your practice is domiciled in Indiana or New York.
Have the changes at ACSM changed the 15% premium credit?
The 15% credit has not changed, but the member organizations that are eligible for the credit has. Previously, our premium credit was limited to qualified firms that were ACSM members. With the recent structure changes at ACSM, the premium credit now applies as long as the qualified firm is a member of any ACSM member organization.