If you are looking for a reliable and affordable insurance provider for your paratransit or non-emergency medical transportation business
In this article, we will explain what an RRG is, how it differs from a captive, what the risk retention policy is, and what benefits Paratransit Insurance Company offers
What is risk retention group insurance?
A risk retention group (RRG) is a type of insurance company owned by its policyholders, who share similar liability risks
RRGs are authorized by the federal Liability Risk Retention Act of 1986, which allows them to operate across state lines
They can only write liability coverage, such as commercial auto, general liability, and professional liability
RRGs are regulated by their state of domicile, which is the state where they are licensed and incorporated.
They are also subject to financial solvency standards and oversight by the National Association of Insurance Commissioners (NAIC).
What is the difference between a risk retention group and a captive?
A captive insurance company is also a type of insurance company that is owned by its policyholders.
Still, it can be domiciled anywhere in the world and can write any type of coverage, including property
Captives are usually formed by a parent company or a group of companies to insure their own risks
They can also access the reinsurance market, which is the market where insurance companies buy insurance from other insurance companies
A fronting insurer is an insurance company that issues policies on behalf of a captive and collects premiums
A risk retention group is a special type of captive that is formed by a group of businesses that have similar liability risks
Unlike other captives, RRGs do not need a fronting insurer to issue policies in other states
RRGs can also benefit from the tax advantages and flexibility of captives, such as deducting premiums
What is the risk retention policy?
A risk retention policy is a policy that determines how much risk an individual or an organization is willing to accept
Risk-retention can be a deliberate or a forced decision, depending on the availability and affordability of insurance
Risk-retention can have advantages and disadvantages, depending on the nature and frequency of the risk, the cost and benefit of insurance
- Some of the advantages of risk retention are:
Saving money on insurance premiums, fees, and taxes
Having more control over claims and settlements
Avoiding coverage gaps or exclusions
Improving risk awareness and prevention
- Some of the disadvantages of risk retention are:
Bearing the financial burden of losses
Facing legal liability and reputational damage
Having less access to risk management expertise and resources
Exposing the balance sheet and cash flow to volatility
What is the full form of RRG?
RRG is the abbreviation for risk retention group, which is a type of insurance company that is owned by its policyholders
Paratransit Insurance Company, a Mutual Risk Retention Group Reviews
Paratransit Insurance Company, a Mutual Risk Retention Group (PIC), is an RRG that specializes in providing liability insurance for paratransit
It was founded in 1997 by a group of taxi and paratransit operators who were dissatisfied with the commercial insurance market
It is a mutual company, which means that its policyholders are also its owners and have a voice in how the company operates.
PIC members handle their own claims, with the support of professional claims adjusters and attorneys.
Its members also benefit from the stability, fairness, and transparency of the RRG model
PIC members have access to various resources and services
According to its website, PIC has received positive feedback and testimonials from its members
PIC claims to have a high retention rate and a low loss ratio, which reflect its quality of service and performance.
It also claims to have a strong relationship with the Taxi, Limousine, and Paratransit Association (TLPA)
Paratransit Insurance Company, a Mutual Risk Retention Group Phone
If you want to learn more about PICÂ can contact the company by phone, email, or mail.
The phone number for PIC is (901) 757-6922.
The email address for PIC is info@paratransitinsurance.com.
The mailing address for PIC is:
Paratransit Insurance Company A Mutual Risk Retention Group 775 Ridge Lake Blvd., Suite 105 Memphis, TN 38120
You can also fill out an online form on the company’s website to request more information or a quote.
Paratransit Insurance Company, a Mutual Risk Retention Group Email
As mentioned above, the email address for PIC is info@paratransitinsurance.com.
One can use this email address to contact the company for any inquiries, feedback, or complaints.
You can also use this email address to send your application for excess automobile liability insurance
You will need to provide information about your company, your fleet, your drivers, your insurance history, and loss experience.
Paratransit Insurance Company, a Mutual Risk Retention Group Contact Number
The contact number for PIC is (901) 757-6922.
You can use this number to reach the company’s office in Memphis, Tennessee, and speak to a representative or leave a message.
You can also use this number to report a claim or request a claim form.
The company’s office hours are Monday to Friday, from 8:30 a.m. to 5:00 p.m. Central Time.
Paratransit Insurance Company, a Mutual Risk Retention Group Contact
In addition to the phone number and email address, you can also contact PIC by mail or online. The mailing address for PIC is:
Paratransit Insurance Company A Mutual Risk Retention Group 775 Ridge Lake Blvd., Suite 105 Memphis, TN 38120
The online form for PIC is available on the company’s website.
You can use this form to request more information or a quote or to send a message to the company.
You will need to provide your name, email address, phone number, company name, and message.
Paratransit Insurance Company Claims
If you are a member of PIC and you have been involved in an accident that may result in a claim follow these steps:
- Contact the local authorities and obtain a police report, if applicable.
- Contact the other party involved and exchange information, such as name, address, phone number, insurance
- company, policy number, and vehicle information
- .Contact your own insurance company and report the claim.
You should handle your claims, as PIC does not have a centralized claims department. However, you can contact PIC for assistance or guidance, if needed.
Fill out a claim form and send it to PIC, along with any supporting documents, such as police reports, photos
You can obtain a claim form from PIC by phone, email, or mail, or download it from the company’s website.
Cooperate with PIC and any claims adjusters or attorneys assigned to your claim.
Provide any additional information or documentation requested, and follow any instructions or recommendations given.
Keep PIC informed of any developments or changes in your claim status, such as settlements, lawsuits, or subrogation.
Paratransit Insurance Company Claims Phone Number
The phone number for PIC is (901) 757-6922.
You can use this number to report a claim or request a claim form.
You can also use this number to contact PIC for any questions or issues regarding your claim.
Lammel and Associates Insurance Claims
It is an insurance agency that provides various insurance products and services to its clients, including paratransit insurance.
Lammel and Associates is the exclusive agent for PIC, and it helps clients apply for and obtain insurance coverage from PIC.
They also provide other insurance solutions, such as property and casualty, employee benefits, and surety.
If you are a client of Lammel and Associates and you have a claim related to your paratransit insurance from PIC
You should handle your claims, but you can contact Lammel and Associates or PIC for assistance or guidance
Conclusion
In this article, we have provided you with all the latest information about Paratransit Insurance Company
We have explained what an RRG is, how it differs from a captive, what the risk retention policy is, and what the full form of RRG is.
have also given you the contact details, reviews, and claims procedures for Paratransit Insurance Company
We hope that this article has helped you understand the benefits and features of Paratransit Insurance Company,
If you are interested in joining Paratransit Insurance Company, or if you have any questions or feedback, please feel free to contact the company
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