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From July 1st 2010 Talent Trust Consultants will be changing how the No Claims Bonus (NCB) will be applied.
Previously members could save up to 35% off our standard rates. However, this took up to 6 years before members could get this.
Under the new structure members will be able to save up to 50% off our standard rates and can get to this level up to twice as fast. This means that from the second year onwards there will be a significant improvement over the old structure.
 | Old | New | Improvement |
Year 0 | 0% | 0% | 0% |
Year 1 | 10% | 10% | 0% |
Year 2 | 15% | 20% | 33% |
Year 3 | 20% | 30% | 50% |
Year 4 | 25% | 40% | 60% |
Year 5 | 30% | 50% | 66.7% |
Year 6 | 35% | 50% | 42.9% |
As before a reimbursed claim of from US$0.01 to US$15,000 will result in a loss of 2 years worth of NCB, however, the NCB will never go below 0% causing you to pay more than our standard premium.
Members who currently have an NCB of 15%, 25% or 35% will go up to an NCB of 20%, 30% or 40% respectively. In the event that claims of US$15,000 or less are made the subsequent year’s NCB will be 0%, 10% or 20% respectively.
In all situations, if you have claims totaling over US$15,000 in a policy year, your NCB will revert to 0%.
Should you for any reason not wish the NCB to apply to your policy please let us know and we will not apply it to your policy.
How can TTc afford to give an NCB?
TTc can apply a No Claims Bonus as a result of the high cost of processing even small claims. Even a small claim of only a few dollars can cost from US$50 up to several hundred dollars to process depending on the complexity of the case, due to the man-hours it can take to gather medical history and chase up details with hospitals and medical facilities around the world. By giving the incentive for small claims not to be submitted (through the NCB), this saves lots of money and enables us to pass this back to our members.
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