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Risk retention groups offer alternatives to liability coverage.

D M Comi

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |June 9, 1987
    PubMed
    Summary

    New legislation allows self-insurers to form risk retention groups, expanding coverage beyond product liability. This change improves the availability and affordability of liability insurance for qualified groups.

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    Area of Science:

    • Business
    • Law
    • Risk Management

    Background:

    • The Product Liability Risk Retention Act of 1981 originally focused on product liability insurance.
    • Rising costs and limited availability of liability insurance posed challenges for businesses and organizations.

    Purpose of the Study:

    • To analyze recent amendments to the Product Liability Risk Retention Act of 1981.
    • To explain how these amendments facilitate the formation of risk retention groups for broader liability coverage.

    Main Methods:

    • Review of legislative changes to the Product Liability Risk Retention Act.
    • Analysis of the implications for self-insurers and group purchasing of insurance.

    Main Results:

    • Amendments permit risk retention groups to cover all types of liability risks, not just product liability.
    • Facilitates the creation of association insurance captives and group insurance purchasing.

    Conclusions:

    • Recent legislative changes enhance the flexibility and scope of risk retention groups.
    • These changes address critical issues of liability insurance availability and affordability.

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