Thursday, April 17, 2008
After all the hearings that have taken place up and down the country on coastal property insurance, legislation introduced in the House earlier this week that would expand the coverage options for commercial property insurance has been welcomed by the Risk and Insurance Management Society (RIMS). HR 5792, known as the â€œIncreasing Insurance Coverage Options for Consumers Actâ€, would allow Risk Retention Groups (RRGs) and Risk Purchasing Groups (RPGs) to write property coverage. The issue is likely to be a topic of discussion at the upcoming 2008 RIMS annual conference in San Diego April 27 to May 1. For further information on RRGs and RPGs, check out the I.I.I. issues update on captives and other risk-financing options.