The North Carolina Reinsurance Facility Board of Governors is implementing a 7.07% commercial auto loss recoupment surcharge effective 10/01/2018. This has been reduced from the initial 14.61% increase previously released. The surcharge will recoup losses incurred by the NC Reinsurance Facility for commercial auto liability policies. Every North Carolina Commercial Auto will see this increase in their new business or renewal premium. This charge is not implemented by your Agent or your Carrier. Carriers will also need to adjust premiums via their own rates separately from the aforementioned recoupment, so this is not to say premiums will only increase by the 7.07%.
Please contact any of our Commercial Agents for additional information or if we may answer any questions or concerns. We are happy to help in any way and make sure you are getting the best coverage for the best price to protect your bottom line!