Community Blood Centers’ Exchange, Risk Retention Group (BCx) is a specialized insurance provider that offers liability coverage to independent community blood centers.
BCx is a reciprocal insurance company, formed and owned by its members, who share the risks and rewards of the group.
In this article, we will explore the background, benefits, and features of BCx, as well as the types of claims and contact options it offers.
We will also compare BCx with another insurance captive, Biologix Insurance Captive, LLC (BioX), and see how they differ in terms of scope, services, and membership.
What is an example of a Risk Retention Group?
A risk retention group (RRG) is a state-chartered insurance company that insures commercial businesses and government entities against liability risks
Risk-retention groups were created by the federal Liability Risk Retention Act, a federal law created in 19861. A member of a risk retention group must be a business
One of the main advantages of a risk retention group is that it can operate in multiple states without having to obtain a license in each state.
This reduces the regulatory burden and the cost of insurance for the members.
Moreover, a risk retention group must have at least two members who are engaged in similar or related activities or businesses
What is BCx Insurance?
BCx is a reciprocal insurance company, formed and owned by independent community blood centers34.
BCx was formed to provide blood centers long-term market stability with cost savings shared by its owners/insureds3.
Insured members share in the risks and rewards of the group.
BCx is domiciled and licensed in Indiana as a reciprocal insurance company, subject to the full regulatory authority of the Indiana Department of Insurance
It offers risk mitigation services, seminars, resources, claim management resources, member discussions, forums, financial rewards, and policy services
BCx was founded in 1992 and issued its first policy in 1993
Since then, BCx has grown from 21 to 31 blood center owners/insureds and its policyholders’ surplus (net worth) has increased from $1,000,000 to over $13 million
Community Blood Centers’ Exchange, Risk Retention Group Claims
If a member of BCx needs to file a claim, they have multiple options to do so.
They can submit their claim online through the BCx website6, by phone at (502) 882-45006, or by using the BCx mobile app
Members will need to provide some information about the incident
They will also need to provide their policy number and contact information.
BCx will then assign a claims adjuster to handle their claim and guide them through the process.
It has contracted with Gallagher Bassett Specialty to administer its claims
BCx also provides its members with access to legal counsel, risk management consultants, and industry experts to assist them with their claims.
Community Blood Centers’ Exchange, Risk Retention Group Contact
If a member of BCx has any questions or concerns about their policy, their coverage, or their claim, they can contact BCx by phone at (502) 882-45006.
They can also email BCx at info@bcxins.org5 or visit the BCx website for more information.
BCx also has a member login portal on its website, where members can access their policy documents, claims history, risk management resources, and other useful information
Biologix Insurance Captive, LLC
Biologix Insurance Captive, LLC (BioX) is another insurance captive that provides liability coverage to blood centers and other biologics organizations
BioX is a subsidiary of BCx and operates under the same management and administration
It is domiciled and licensed in Washington, D.C. as a captive insurance company, subject to the full regulatory authority of the District of Columbia Department of Insurance
BioX issues professional/general/cyber liability policies in other states under the authority of the Federal Nonadmitted and Reinsurance Reform Act of 2010
It provides similar coverages and services as BCx but with some differences in terms of scope, services, and membership.
Conclusion
Community Blood Centers’ Exchange, Risk Retention Group (BCx) is a unique solution for blood center insurance.
As a reciprocal insurance company, BCx offers its members long-term stability, cost savings, and risk sharing.
BCx provides comprehensive and personalized liability coverages, as well as risk mitigation and claim management services.
BCx is a good option for independent community blood centers that are looking for reliable and affordable insurance.
However, BCx is not the only option available for blood centers and biologics organizations.
Biologix Insurance Captive, LLC (BioX) is another insurance captive that provides similar but different coverages and services.
Blood centers and biologics organizations should compare the features, benefits, and costs of both BCx and BioX to find the best option for their needs.
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