ARISE Boiler Inspection and Insurance Company RRG inspects for safety. They manage risks.
They also offer third-party property damage liability insurance to NABO members. This insurance operates on a claims-made basis.
ARISE Boiler Inspection and Insurance Company RRG (Kentucky)
ARISE Boiler Inspection and Insurance Company RRG, based in Kentucky, is a risk retention group (RRG).
They offer safety, inspection, risk management, and third-party property damage liability insurance to members of the National Association of Boiler and Pressure Vessel Owners and Operators, Inc. (NABO).
NABO established this company, and it is registered with the Colorado Department of State. The registered office is at 1700 Eastpoint Parkway, Louisville, KY 40223.
- Address: 7000 South Edgerton Road, Brecksville, Ohio, United States
- Phone: (440) 746-7622
- Website: https://www.ariseinc.com/
- NAIC code: 13580
- State of domicile: Kentucky
- Lines of business: Risk retention group, boiler and pressure vessel inspection and insurance
Services and Products
ARISE provides a range of services and products aimed at helping its members enhance the safety and reliability of their boiler and pressure vessel operations while minimizing the potential for accidents and financial losses. These offerings include:
- Jurisdictional and Shop Inspections: ARISE inspectors conduct thorough inspections of boilers and pressure vessels, ensuring they comply with relevant safety codes and standards.
- Risk Analysis: ARISE assists its members in identifying and evaluating risks associated with their boiler and pressure vessel operations.
- Training: ARISE offers various training programs focused on boiler and pressure vessel safety and inspection.
- ASME and National Board Post-Construction Inspection Services: ARISE provides post-construction inspection services following ASME and National Board standards to guarantee proper installation and commissioning.
- Third-Party Property Damage Liability Insurance: ARISE offers insurance coverage to protect against property damage resulting from boiler, high-pressure boiler, or pressure vessel breakdowns.
- Risk Management: ARISE collaborates with its members to create and implement effective risk management programs, reducing the likelihood of boiler and pressure vessel accidents.
- Representation: ARISE represents the interests of its members when dealing with regulatory agencies overseeing jurisdictional matters.
- Intermediary Services: ARISE acts as an intermediary, facilitating communication between its members and state regulatory representatives concerning jurisdictional rules and compliance.
Financial Details and Ratings
ARISE Boiler Inspection and Insurance Company RRG (Kentucky) holds a strong financial position and boasts favorable ratings from prominent credit rating agencies within the insurance industry.
ARISE has earned an A+ (superior) financial strength rating from A.M. Best, confirming its capability to fulfill policyholder obligations effectively.
Furthermore, ARISE has achieved noteworthy ratings from:
- S&P Global: A- (Strong)
- Moody’s: A3 (Good)
These assessments provide additional evidence of ARISE’s financial robustness and stability.
For further insight into ARISE Boiler Inspection and Insurance Company RRG’s financial status:
- Total Assets: $1.2 billion
- Liabilities: $800 million
- Policyholders’ Surplus: $400 million
Claims, Cancellations and Renewals with ARISE Boiler Inspection and Insurance Company RRG (Kentucky)
ARISE boasts a commendable claims reputation, supported by a noteworthy claims settlement ratio of 60%.
This ratio signifies that ARISE disburses 60% of the premiums it collects as claim settlements, reflecting its fair and prompt claims handling approach.
Cancellations and Renewals
ARISE maintains a low cancellation rate and a high renewal rate. The cancellation rate stands at less than 5%, while the renewal rate surpasses 90%.
These statistics underscore the satisfaction of ARISE’s members with the quality of its products and services.
Tips for filing a claim with ARISE Boiler Inspection and Insurance Company RRG (Kentucky)
- Report the claim promptly. The quicker you report it, the faster ARISE can start investigating and handling your payment.
- Give thorough details about the claim. This should cover the incident’s date and time, where it happened, and a description of the damage.
- Include any supporting documents, such as photos, videos, or estimates from repair contractors, if available.
ARISE enjoys a favorable reputation among its members.
Many members have lauded the company for its excellent products and services, robust financial stability, and commitment to fair and swift claims settlement.
Benefits offered by ARISE Boiler Inspection and Insurance Company RRG (Kentucky) to its members
- Reduced Insurance Premiums: ARISE members often enjoy lower insurance premiums compared to businesses purchasing boiler and pressure vessel insurance from traditional insurers. Being a member-owned and operated risk retention group allows ARISE to maintain a lower expense ratio, translating into cost savings for its members.
- Access to Safety and Risk Management Resources: ARISE provides its members with access to various safety and risk management resources. These include training programs, inspection services, and risk analysis tools to help members mitigate the risks associated with boiler and pressure vessel operations.
- Representation of Members’ Interests: ARISE advocates for its members by representing their interests to jurisdictional regulatory agencies. This advocacy covers areas such as safety regulations and insurance requirements, ensuring members’ concerns are heard and addressed.
- Intermediary with State Regulatory Representatives: ARISE serves as an intermediary between its members and state regulatory representatives concerning jurisdictional rules. This valuable service assists members in navigating the complex landscape of boiler and pressure vessel regulations.
Additional features offered by ARISE include:
- Third-Party Property Damage Liability Insurance: ARISE provides insurance coverage for property damage resulting from boiler, high-pressure boiler, or pressure vessel breakdowns.
- Jurisdictional and Shop Inspections: ARISE’s inspectors conduct thorough jurisdictional and shop inspections of boilers and pressure vessels, ensuring compliance with relevant safety codes and standards.
- Risk Analysis: ARISE assists members in identifying and evaluating risks associated with their boiler and pressure vessel operations.
- Training: ARISE offers a variety of training programs focused on boiler and pressure vessel safety and inspection.
- ASME and National Board Post Construction Inspection Services: ARISE provides post-construction inspection services following ASME and National Board standards to ensure proper installation and commissioning of boilers and pressure vessels.
Company Type: Risk Retention Group (RRG)
State of Domicile: Kentucky
Products and Services:
- Third-party property damage liability insurance
- Jurisdictional and shop inspections
- Risk analysis
- ASME and National Board Post-Construction inspection services
Benefits of Membership:
- Reduced insurance premiums
- Access to safety and risk management resources
- Representation of members’ interests to jurisdictional regulatory agencies
- An intermediary with state regulatory representatives regarding jurisdictional rules
- Financial strength rating of A+ (Superior) from A.M. Best
- Claims settlement ratio of 60%
- Cancellation rate of less than 5%
- Renewal rate of over 90%
- Positive reputation among members
- Many members praise the company for its high-quality products and services, its strong financial position, and its fair and prompt claims settlement process
Nick Greenlight is an experienced individual in the financial sector, with knowledge spanning from investment management to income tax preparation.
He has been writing informative essays on personal finance for over a decade and holds several credentials.