|
Terra Will Pay Insureds as Much as $2,250 To Attend Meeting
Corte Madera, CA - Terra Insurance Company will pay its insureds as much as $2,250 each for sending representatives to the ASFE Fall Meeting to be held in Monterey, CA, October 8-12, 2003, at the Monterey Plaza Hotel. A Terra Shareholders Meeting will be held at the same facility on Friday, October 10.
According to Terra President and CEO David L. J. Coduto, "Terra's situation is at a 180-degree variance with the situation confronting the professional liability insurance (PLI) industry as a whole. Our stock value set a new record high, our 61st consecutive record high, in the first quarter and we're confident that it will have set another new record high on June 30. We owe our success principally to the outstanding risk management capabilities of our insureds. Participation in ASFE meetings and other ASFE activities and programs is essential to our insureds' risk management capabilities."
Terra will give its attending insureds a minimum premium rebate of $1,000 to help defray the costs of one meeting attendee, $1,500 for two, and $2,250 for three. "We say with absolute confidence that having so many of our insureds attend the meeting will result in fewer claims. Given the cost of claims, our subsidy pays almost-immediate returns."
Terra issues its coverage to geoprofessional, environmental, and civil engineering firms. Because Terra is a risk retention group, insureds must become owners of the company. Only one insured has left the program voluntarily during the past 15 years, Mr. Coduto said, and it since has returned. "I think it's safe to say that Terra's owner/insureds are pleased with the company's performance, both as a source of insurance and as an investment."
The same firms that originated Terra, in 1968, also originated ASFE, a trade association that develops programs, services, and materials to help its member firms "prosper through professionalism." "ASFE is unequalled," Mr. Coduto said. "We require our owner/insureds to participate in the group's activities and programs, such as Peer Review, and to use its materials, as a condition of their insurability. The impact of those involvements is obvious."
Terra has some 90 owner/insureds. Their sizes, measured in gross fees per year, range from less than $500,000 to more than $150 million. Terra is rated "A" (excellent) by
A. M. Best Co., the internationally recognized insurance company rating authority. No other comparable risk retention group is rated as high.
For more information, contact Terra Insurance Company, 2 Fifer Avenue/Suite 100, Corte Madera, CA 94925; tel. 1/800-872-0077 (in CA, 415/927-2901); e-mail terra@terrarrg.com.
|
back to listing