Lone Star Alliance, Inc., A Risk Retention Group (RRG) is a state-chartered insurance company that provides medical professional liability insurance
It is an affiliate company of Texas Medical Liability Trust (TMLT), the leading provider of medical professional insurance in Texas.
In this article, we will explain what a risk retention group is, who are the members of Lone Star Alliance, what are the benefits of an RRG
What is an example of a risk retention group?
A risk retention group is a type of self-insurance where the members of the group share the same liability risks
A risk retention group is authorized by the federal Liability Risk Retention Act of 1986
RRGs are still subject to the regulation and supervision of their domiciliary state
RRGs can only provide liability coverage, not property, workers’ compensation, or personal insurance.
Some examples of industries that use RRGs are health care, transportation, education, and construction.
Who are the members of a risk retention group?
The members of a risk retention group must be engaged in similar activities or related with respect to liability exposures
For example, the members of Lone Star Alliance are all involved in the healthcare industry and medical malpractice risks.
The members of an RRG must be owners of the RRG, and owners of the RRG must be insured by the RRG.
However, not all insureds of an RRG need to be owners or members of the RRG.
For instance, Lone Star Alliance can provide coverage to non-member healthcare professionals or facilities
What is a risk retention insurance company?
A risk retention insurance company is different from a traditional insurance company in several ways.
First, a risk retention insurance company is exempt from many state laws and regulations that apply to regular insurance companies
Second, a risk retention insurance company is owned and controlled by its policyholders, who share in the profits and losses of the company.
This can create a strong incentive for the RRG members to implement effective loss control and risk management practices
Third, a risk retention insurance company can operate in multiple states with minimal regulatory hurdles
This can provide a stable and consistent source of liability coverage for the RRG members, especially in hard insurance markets
Lone Star Alliance, Inc., A Risk Retention Group: Contact Information
If you are interested in joining Lone Star Alliance, Inc., A Risk Retention Group, or if you have any questions or concerns about your existing policy, you can contact the company through the following channels:
- Phone: 1-800-580-8658
- Email: info@lonestara.com
- Website: Lone Star Alliance (LSA)
- Address: 901 S. Mopac Expressway, Building 5, Suite 900, Austin, TX 78746
If you need to file a claim with Lone Star Alliance, Inc., A Risk Retention Group, you can do so by following these steps:
- You can call the Claims Department at 1-800-580-8658 or email claims@lonestara.com
- .Complete and submit a claim report form, which you can find on the Lone Star Alliance website or request from the Claims Department.
- Cooperate with Lone Star Alliance and its representatives in the investigation and defense of the claim.
Do not admit liability, make any payments, or settle the claim without the consent of Lone Star Alliance.
Keep Lone Star Alliance informed of any developments or changes in the claim situation.
Conclusion
Lone Star Alliance, Inc., A Risk Retention Group is a state-chartered insurance company that provides medical professional liability insurance
It is an affiliate company of TMLT, the leading provider of medical professional liability insurance in Texas.
Lone Star Alliance offers flexible, comprehensive, and customized coverage to its members and owners
Lone Star Alliance is a risk retention group, which means that it is exempt from many state laws
It is subject to the regulation and supervision of its domiciliary state, which is Texas.
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