ARSA Liability Insurance Project

ARSA Announces Formation of the ARSA Liability Insurance Project

Have you been waiting for news on ARSA’s formation of a Risk Retention Group (RRG) for product liability insurance? Wait no longer: presenting the ARSA Liability Insurance Project.

Since the 2005 ARSA Symposium, the initial group of ARSA’s membership interested in forming a RRG has held a total of six meetings—two general meetings and four interim Board of Directors meetings. With each meeting the group has progressed toward the formation of a RRG. Twenty-two ARSA member companies expressed initial interest in forming an RRG. Seventeen ARSA member companies were able to attend an organizational meeting in July 2005. ARSA currently has 23 member companies involved in the RRG. The journey has been a learning experience for everyone.

The RRG, which will be open only to ARSA members, has named an interim Board of Directors, elected officers and is working as the ARSA Liability Insurance Project. The next major steps are to select a domicile state, market the Project to the ARSA membership, develop the risk management criteria, perform actuarial studies, obtain re-insurance and secure the capitalization required. The goal is to incorporate in September 2006.

Now is the time to get involved. For a limited time ARSA members have the opportunity to get in on the ground floor of a business opportunity. Members that commit now will receive preferential dividend options that will never be available again.

To help you learn and understand the potential of an RRG, its Board of Directors has prepared a five-page question and answer document available in pdf format.

Information will also be available at the 2006 ARSA Annual Symposium. At the Symposium you’ll be able to speak with Project board members and hear firsthand about this new ARSA benefit.

Please note that at the present time, only ARSA “Regular” members can take advantage of the Project.