Terra was born in tough times. The company learned from those times, explaining why 2002 and 2003, two of the most devastating years in the history of the professional liability insurance industry, were two of the very best years for Terra. And Terra has continued to thrive.
Terra is the nation's second-oldest professional liability insurer offering coverage to engineering firms. Unlike most of its competitors, however, Terra is a risk retention group. As such, the Company is owned exclusively by its policyholders, principally engineering firms that practice in the geosciences and broad-based civil engineering disciplines. The gross annual receipts of Terra's owner/insureds range from $500,000 to $90,000, 000. They enjoy a variety of coverage options and policy limits up to $8 million.
Because they also own the company, Terra policyholders no longer pour premium into the "insurance black hole." They receive Terra's profits through appreciation of their common stock; since 1988, a gain of more than 2000%!
Terra prides itself on its customer service and innovative products. The company's contract review and claim management services are outstanding and, as an insured, you will always have access to Terra's senior management. A. M. Best Company, the premier insurance company rating organization, rates Terra "A (excellent) V" and, according to Best's capital adequacy ratio tests, the Company has an implied Best rating of "A++ (superior) V."
Terra annually appropriates a portion of its operating budget to support the one association all owner/insureds are required to join: ASFE/The Best People on Earth. Terra has provided this support consistently since both organizations' inception in 1969, because ASFE programs and materials help firms improve their business practices and better manage their risk exposures.
Terra provides this support so that all ASFE members - insureds and noninsureds alike - benefit, because Terra is committed to upgrading the professional practice of all engineers, not just those it insures.
Would your firm fit? Terra is looking for firms that are, or are willing to become, intensely focused on good risk management and loss prevention practices. Learn more by reviewing the rest of our website or by getting in direct touch right now.
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"An ounce of prevention is worth a pound of cure," a maxim that has stood Terra and its owner/insureds in good stead, given that, as a group, they have what we believe is the best claims-against record of any similar firms operating in North America.
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