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The Time Has Come

Letter from the Executive Director

Those who regularly receive this magazine know I have written several times about the formation of an insurance captive for CFA members. Over the past months the insurance market, as well as efforts to start this captive, have taken significant turns – one for the worse, one for the better. The worse one is that you are currently in a hard insurance market. It is getting more difficult to renew; coverage is being cancelled; and when renewals come, they are likely at significantly higher rates. While this is bad news for the market, it is positive news from the captive perspective. We have your solution!

The better news is that the insurance captive under development for CFA members has reached a point in the formation process that has never before been attained. Commitments from all insurance and underwriting layers have positioned this captive to move forward and set a start date!! The corporation for the entity has been formed and we are in the process of finalizing agreements with the management team and consultants. This has been a seven-year effort to this point and the current developments were essential to the process. There are still several steps to complete but the process is now in our hands. We expect all to be completed so the captive can commence operation by April 1, 2014

As one of our new readers, we want you to be aware of this opportunity. It will affect your insurance future and in a positive way. This is not a group-buying plan, a co-op or any other commercial market ploy.

This is an insurance company owned by the participating companies, companies that have a common scope, interest and composition. The key to this venture is the risk management aspect of the program. Losses from across your industry are collected, evaluated, and used to develop programs to reduce and control those risks. The net result will be lower insurance premiums over time and profitability that will be shared by the owners (insureds) instead of insurance companies. Companies participating will benefit from the company’s claims investigators who are answerable to YOU. Companies that do not participate can still benefit as this industry begins to receive specific risk management concepts that can be implemented through education provided by the CFA.

There is still an opportunity to participate in the start-up of this industry-changing program, but like so many infomercials, “you must act now.” Join with other industry leaders to truly change the way this industry operates from an insurance perspective. If you would like more information, please call us at 866-232-9255 and ask for Jim Baty or me, or email us at esauter@cfawalls.org or jbaty@cfawalls.org. We will connect you to one of the webinars planned in the coming weeks, to the program management team by phone or perhaps schedule a visit to your location as available.

CFA Executive Director Ed Sauter, esauter@cfawalls.org

CFA Executive Director
Ed Sauter, esauter@cfawalls.org

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Concrete FACTS, a publication of the Concrete Foundations Association, is THE voice for residential concrete industry news, market intelligence, business strategies, technical solutions, product information, and other resources for professionals in the cast-in-place concrete industry. Subscriptions to Concrete FACTS is available to anyone involved or interested in the residential concrete industry as a service to your industry. Please contact CFA Headquarters to find out more about your free subscription or Email Us