Purchasing Group

Frequently Asked Questions

Risk Purchasing Group is a legal entity that allows a group of unassociated businesses with similar risk profiles to join together to take advantage of a joint insurance purchase. The program was established under the Federal Liability Risk Retention Act of 1986.

No, a Risk Purchasing Group is not an insurance company; it is a pool of like businesses that buy insurance as a group from an insurance company. There is no additional risk assumed. Further, it allows the group to gather purchasing strength to buy insurance at significant cost savings with broadened coverage.

Immediate premium cost savings.
Broad coverage at no additional cost.
Expertise of the broker, InsureSource, LLC.

Each member will have their own limit of liability for their risk, separate and distinct from the other members. Through IMIA, we are able to leverage a wide array of resources specific to public entities.

For many years, InsureSource, LLC has specialized in insurance for the municipal government industry. Municipalities present a wide range of risks and require the expertise of professionals who understand those risks. Our goal is to provide a better product with lower premiums.

No. The program is exclusive to clients dealing directly with IMIA/InsureSource, LLC. To provide the absolute best service and risk management advice, IMIA’s business model is to work one-on-one with our clients.

BRIT, Euclid, Travelers.

It was selected because of its strong financial rating coupled with its expertise in the municipal government industry. InsureSource, LLC, has insured this class for 20+ years.

No. Unfortunately, this program is only open to governmental entities.

Once all required information is received, our goal is to provide quotes as soon as possible.

We are dedicated to our municipal clients, and our unparalleled customer service will provide you with the industry’s best in class service.

Yes. InsureSource, LLC, has expertise in all municipal areas of insurance coverage.

We are compensated through commission paid by the insurance company.

Yes. You have to appoint IMIA/InsureSource, LLC, as your broker and become a member of IMIA. Your current broker does not have access to the RPG program. It is an IMIA exclusive.

No. Your rates are based on your experience. There is no pooling of limits or losses. Each member stands alone.

No. Similar to how standard insurance works, your account will be reviewed each year on its own merits.

Yes. Our carriers have extensive experience in insuring the municipal industry.

Yes. We issue certificates of insurance the day the request is received, whenever possible.

No. Similar to your current insurance, you can leave the RPG anytime and get a return premium of the unearned portion. There would be a short-rate penalty on the earned premium similar to other insurance policies. The $500 membership dues are non-refundable.

Yes.

No. Certain underwriting criteria must be met in order to qualify.

Yes, in most cases. Your loss history and plan design will determine how high of a limit you are allowed by the carrier(s).

Yes. Annual membership dues of $500 are paid to the IMIA. Loss control, certificate issuance, and other services are separate from the membership dues and usually included in your insurance premium.

You can get a quote now, join the RPG, and maintain your existing renewal date.

You can get a quote without joining, but if you want to gain the advantages of an IMIA member, you are required to sign a membership agreement which outlines your obligations (click here to view sample). Annual membership dues of $500 are payable at policy inception for every year you are enrolled in the RPG.