WHAT IS COMPASS SPECIALTY INSURANCE RISK RETENTION GROUP?
A “Risk Retention Group” or “RRG” is a liability insurance company owned by its members. RRGs allow businesses with similar insurance needs to pool their risks together and form an insurance company that operates according to state regulated guidelines. RRGs are formed using a combination of state and federal laws under the Federal Liability Risk Retention Act (LRRA). All insureds of an RRG must be owners of the RRG, and all owners of the RRG must be insured.
COMPASS SPECIALTY INSURANCE RISK RETENTION GROUP (“Compass Specialty Insurance RRG”) has been in business since 2015 offering Motor Carrier Liability and General Liability coverage to start-up and medium sized companies with as few as 3 power units. We are supported by a team of professionals and a reinsurance partner, Citadel Risk, that ensures our compliance with all regulatory filings and state laws. Unlike some traditional insurance companies, our members, who meet certain criteria, are eligible to acquire ownership in Compass Specialty Insurance RRG. Owning an interest in Compass Specialty Insurance RRG may literally do away with you having to pay an upfront 25% insurance premium!
WHY CHOOSE COMPASS SPECIALTY INSURANCE RISK RETENTION GROUP?
Because Compass Specialty Insurance RRG specializes in you! Our entire team will work to help you save hundreds, if not thousands of dollars on auto liability insurance coverage for your fleet. Insurance policies are written in-house, so the turnaround time is fast. You can have confidence in knowing that most freight brokers have fully accepted Compass Specialty Insurance RRG.
Unlike the competition, our policies are composite rated. Your payment plan is based on your monthly gross receipts - automatically boosting your cash flow every month! With this option, your monthly insurance payment follows your monthly income. If your trucks are in a lot or in the shop, you pay the minimum premium. If your driver takes a vacation, you pay the minimum premium. You only pay the full premium when your trucks are making you money.
Give us a call today so that we can help you understand this valuable, alternative risk solution for your fleet.
CONTACT US FOR MORE INFORMATION BY CALLING 866-583-7890 AND TALK TO OUR RRG TEAM!
DISCLAIMER: This electronic information is published by Compass Specialty Insurance Risk Retention Group, Inc., a risk retention group, for education purposes only, and is not intended to be a solicitation or sale of insurance to any person not eligible for membership or in states where the risk retention group has not filed its registration as required by the federal Liability Risk Retention Act of 1986 (LRRA). Risk retention groups operate under the federal Liability Risk Retention Act of 1986 and provide insurance for the common liability risk exposure of eligible group members.
Policies issues by a risk retention group may not be subject to all the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for risk retention groups. This electronic information is intended solely to provide general information and is not intended to constitute legal advice. If legal advice is desired or needed, an attorney should be consulted.