The following provides the Traffic membership with important policies and procedures as it relates to your financial obligations. It's important to note when the obligations are required to be in place to retain your membership in good standing position.
A. Premium Installments + Deductible Payments
- 12 Equal monthly installments
- Deductible payments are due 15 days from invoice
*Failure to pay premiums would result in cancellation of coverage.
B. Security Collateral Requirement (either cash or letter of credit)
- Collateral is required to be in place within 60 days of inception date for New Members.
- Collateral is required to be in place prior to March 1st renewal date for all Members with less than 3 full years.
- collateral is required to be in place prior to April 1st for all Members with 3 full years.
C. Experience Adjustment (i.e., Claims Indemnification Billings, A Fund Assessment Billing):
|Quarterly Billing Dates||Based on Financial Statement Dates|
|March 1st||August 31st|
|June 1st||August 31st|
|September 1st||February 28th|
|December 1st||February 28th|
All Members must be compliant with all financial requirements or they would be subject to nonrenewal the following year.