NBFAA insurance program comes to fruition
November 20, 2003
SILVER SPRING, Md. - After more than two years of planning, the National Burglar & Fire Alarm Association has introduced a new risk retention group that will allow its members to take advantage of liability insurance at a reduced rate.
Security America Risk Retention Group is the collaborative effort of the NBFAA and Vermont-based Marsh Advantage America. Formalized and announced at the NBFAA fall conference in Washington, the program will offer insurance coverage in all 50 states to qualified NBFAA members.
The program, which the association said could become one of its biggest member benefits, is not NBFAAÃ¢â‚¬â„¢s first foray into the insurance field. In 1986, the association established a program for its members that became a standard insurance company in 1987. It was eventually discontinued in 1995 when the company that was handling the program declined to renew its policies.
So far, Security America has signed on 17 member companies as clients and expects to sign on many more as word of the program spreads through the industry, said Dr. Rick Ostopowicz, communications manager for NBFAA.
One of the first companies to sign on was APS Corp., based in New Jersey. APS President Dan Jacquish, who is a past president of NBFAA, said he looked at the Security America program after getting sticker shock from his prior insurance company.
Ã¢â‚¬Å“ My renewal notice that I got from my previous carrier was about four and a half times what my premium was last year,Ã¢â‚¬Â Jacquish said. Ã¢â‚¬Å“That was enough to get attention.Ã¢â‚¬Â
In addition to rising premiums, the industry has seen an exodus of sorts in recent years by insurance carriers who were no longer interested in insuring alarm companies.
For more information on Security America, see the December issue of Security Systems News.