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Claim Professionals
Liability Insurance Company (A Risk Retention Group)
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Claim Professionals
Liability Insurance Company (A Risk Retention Group)
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Claim Professionals Liability Insurance Company
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New E&O Insurance
Information
Claim Professionals Liability Insurance Company, (A Risk Retention
Group)
Claim Professionals Liability Insurance Company, (A Risk retention
Group). (CPLIC) was
created by the National Association of Independent Insurance Adjusters (NAIIA)
to provide Errors & Omissions and General Liability coverage to all
claim professionals who meet the underwriting criteria and will accept
CPLIC's risk management guidelines. CPLIC was incorporated in Vermont on
September 1, 2004 and received a license to conduct it's insurance
business from the Vermont Insurance Commissioner effective September 19,
2004. CPLIC operates as a risk retention
group under the federal Liability Risk Retention Act ("LRRA")of 1986 as
a member.
Under the LRRA, every CPLIC insured must be an investor in CPLIC and
every CPLIC investor must be insured. As a Risk Retention Group, CPLIC can reach out to
qualified claim professionals everywhere in the United States and offer
to them broader coverage with fewer exclusions, lower deductibles, and
in most cases, lower premiums, but most of all, a perpetuating
entity of claim professionals, run by claim professionals for the
benefit of claim professionals.
To maintain the amount of capital required to satisfy the regulators
in Vermont, CPLIC's state of domicile, we asked each claim professional or firm of
claim professionals to look at the amount paid for the most recent
year's Errors & Omissions and General Liability coverage and place on
deposit with NAIIA $1,000, which represents one share of Class B stock for each
$1,000 in premium paid, rounded up to the next $1,000. For instance, if your total
premium paid was $2,100, you would need to invest $3,000. If your total
premium paid on your current or most recent coverage was $900 you
would need to invest $1,000. No one is allowed to invest more or less
than calculated based on their premium. This formula will insure
relative equality among CPLIC's shareholders. At the time CPLIC was formed, each person who had deposited money with
the NAIIA was first given the opportunity to review CPLIC's actuarial prepared
financial statements and pro formas. Since CPLIC commenced operation in
September 2004, investors who elected to convert their money on deposit to stock
in the company, are now entitled to vote that stock and to participate in dividends that may become available. It is
anticipated that the cost of CPLIC stock, or the investment required to get
in, will increase rapidly. Therefore, if you want to express your
independence by owning a part of your own insurance company and having a
say in your future protection, it is suggested that you join CPLIC today. Full information will be provided
to all of those that deposit, and to trigger the receipt of that
information,
please fax a copy of your current or most recent E & O policy
declaration page, along with confirmation of your transmittal to CPLIC,
attn: Michael Hale at (714) 731-4605. Feel free to direct any questions to Michael Hale, President of CPLIC, at 1-800-221-1236. We must protect our collective future. |
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