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NCCED Insurance Program for Member CDCs 1. What is the NCCED Insurance Program? NCCED, through a network of strategic alliances, has established a full-service insurance program for its members, that will enable them to obtain business insurance and employee insurance benefit programs on a very advantageous basis. 2. Who is EEI Financial Services, Inc. and why are they participating in this program? EEI Financial Services, Inc. (EEI) is a leading provider of business, group and voluntary insurance coverages for the worksite, with a strong social focus and structure. EEI is one of the few financial services organizations in the country that seeks to provide full services to the CDC market, and to customize products for CDCs. EEI's business model is to provide quality benefits, communication services and insurance products to help stimulate the economy of America's inner cities and rural communities, and help create meaningful jobs for residents. EEI's economic development orientation is complimentary to NCCED's mission to promote, support and advocate for CDCs and the CED industry through vehicles such as education, resource development, and strategic partnerships. NCCED formed an alliance with EEI specifically to design and participate in this program as one of the NCCED representatives. EEI will serve as one of NCCED's intermediaries to the CDCs and insurance carriers, helping to secure insurance products at competitive rates. 3. Why should we participate in the program? Participating CDCs will be able to benefit from the power of group purchasing and not have to undertake the research, analysis and cost comparison work on their own. Your organization will be able to take advantage of a variety of insurance products at reduced costs. How is NCCED able to offer these benefits? By leveraging the group purchasing power of CDCs on a national basis, the NCCED has been able to negotiate with leading insurance carriers and industry service providers to offer coverage for an array of programs at competitive rates, which can enable you to achieve a substantial savings over what you currently pay individually or as a smaller group. NCCED has also been able to obtain commitments from carriers to provide flexible underwriting guidelines for many voluntary products-including some that offer guaranteed acceptance for your employees-with little or no minimum participation requirements. 4. What does it cost to participate? There is no cost to participate in the insurance program- and there is no obligation of any kind to receive a quote. You'll be able to select from a full menu of group and voluntary coverages, and may choose any or all (or none) of the programs in which you wish to participate, according to your particular business situation and requirements. 5. What types of insurance are available? Virtually any business related coverage could be quoted through the program. This includes: Business Insurance Coverages:
Group (Employer Paid) Insurance Programs:
Voluntary Employee Paid Programs:
Retirement Programs:
6. What if we already have some of these plans? You are not obligated to change any program you already have. You may choose to complement your existing coverages, or replace existing plans. It's up to you. The quotes give you a way to compare the cost of what you have with what's available. All quotes are provided at no cost, and with no obligation. 7. If we have existing plans why do we have to provide information about our current plan? We need this information in order to obtain a quote of comparable coverage. Insurance products and services can be very complex, and product availability and cost considerations vary greatly from company to company. We have been able to leverage the size of the association to negotiate more favorable rates for our CDCs, and a number of carriers have been willing to lower their rates for select coverages to CDCs that participate in the association. That could very well mean staying with the carrier you already have, but paying less. For this reason, we have to know what your carrier is already providing in order to assess the most advantageous rate. Our goal is to get the best coverage for your organization at the most competitive rate. In order for us to provide you with the most advantageous quote, we need to know not only what coverage you have, but with whom you have it. 8. Are there any other benefits to the program? Yes. The program can offer additional "value-added services" for participants. Examples include employee benefit communications, employee recruiting and referral services. 9. What do I have to do to get more information? Just complete a simple employer profile questionnaire, and provide employee census information. We can e-mail you the documents, and you can return the completed documents for immediate handling. If you wish to replace an existing plan (or just get a quote to compare), you'll also need to provide some information about the existing program. The profile will indicate what is needed for specific coverages. Contact Susan Shorters at NCCED for more information. Ms. Shorters can be reached at 202.289.9020 ext 120 or sshorters@ncced.org. 10. What about confidentiality? All information and materials provided will be held in strict confidence. This information will be used solely to compare your existing coverage with currently available plans, and to obtain the most advantageous quote possible for your CDC. We hope the information provided here helps to address some of your questions. We recognize your need to conduct your own due diligence, and welcome any additional questions or inquiries you may have. |