Early reporting and active involvement by the institution and UE are essential for successful claims resolution. For the most efficient service, please submit new claims to email@example.com. Please include any available documentation, such as:
- Incident Report
- Notice of legal action or demand letter
- Press/media reports
Questions about claims reporting? Simply call (800) 346-7877 and select option 3.
Early reporting and active involvement by the institution and UE aressential for successful claims resolution. An institution that fails to meet the reporting responsibilities outlined in its insurance policy risks denial of coverage or loss of full benefits. Reporting considerations vary with the type of policy.
Recognizing a crisis in the liability insurance market, Congress passed the Liability Risk Retention Act (LRRA) in 1986, allowing similar institutions or businesses to form a group to share and retain liability risks, hence the name, Risk Retention Group (RRG).
United Educators (UE) was one of the first and is one of the largest RRGs formed since Congress enacted this legislation. RRGs are a form of a captive insurance company, formed to meet the unique risk transfer need of a specific type of organization or business. Flexibility, responsiveness, and focus on the members of the group are the hallmarks of a well-run RRG.
Unlike traditional commercial insurance companies, which are regulated in each state in which they do business, RRGs are licensed in one state and can serve members in all states. RRGs are expected to be experts in their specific market and to price insurance policies accurately. Because of the shared ownership and expertise, they have a strong and vested interest in the long-term success of the RRG. Consequently, RRG policy holders do not have access to state guaranty funds.
UE’s form of ownership is a non-assessable reciprocal. This structure allows UE to segregate and separately account for each individual member’s capital investment in UE. As a reciprocal, UE is a for-profit association owned and governed by 1,300 independent schools, public school districts, public school pools, colleges, universities, and education associations. Each new UE member executes a subscriber’s agreement and power of attorney, appointing United Educators as its attorney-in-fact so it can exchange insurance risks with all other UE members.
Watch the video below to hear Mike Horning, UE’s vice president and chief financial officer, discuss how, as an RRG, UE is uniquely poised to insure education.
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