Terra was born in tough times. The company learned from those times, explaining why Terra has continued to thrive despite some of the most turbulent economic conditions in U.S. history.
Created in 1968, Terra is the nation's second-oldest professional liability insurer; the oldest that specializes in coverage to firms that provide geotechnical, civil, environmental, construction-materials engineering and testing, and related professional services. Since 1988, Terra has operated as a risk-retention group, an innovative type of insurance company enabled by the Liability Risk Retention Act of 1986. Per requirements of the Act, the Company is owned exclusively by its policyholders. Because they own the company, Terra’s owner/insureds no longer pour premiums into the "insurance black hole." They receive Terra's profits through appreciation of their common stock; since 1988, a gain of more than 2800%! The gross annual receipts of Terra's owner/insureds range from $300,000 to more than $100,000,000. They enjoy a variety of coverage options and policy limits up to $10 million.
Terra prides itself on its customer service and innovative products. The company's contract-review and claim-management services are second to none and, as an insured, you will always have access to Terra's senior management. A.M. Best Company – the internationally recognized insurance-company rating organization – has for several years recognized Terra as “one of the highest-rated risk-retention groups in the United States.” (Application of A.M. Best’s “Capital Adequacy Ratio Tests” results in an “A++, Superior” rating for Terra, the highest rating that Best issues.)
Terra and its owner/insureds do so well in large part because the Company is concerned about the quality of the companies to which it offers coverage. For that reason, Terra invests heavily in the professional development of its policyholders’ employees. In fact, Terra probably spends more per capita than any other professional-liability insurer. This investment generates significant returns. It results in fewer claims and helps our owner/insureds convert clients to clients for life. That increases the volume of business they do and reduces the risk stemming from that business. That translates into more premium dollars flowing to the company and enhanced profitability for the Company and its policyholders.
Would your firm fit into the Terra “family”? Terra is looking for firms that are as concerned about quality as the Company is, with an emphasis on risk management and loss prevention. 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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