Insurance Benefits Through MASIP - the Best Coverage for Our Industry
Ten years ago, the MCSA (now MASIP) Board of Directors began a feasibility study to see if our members could benefit from an association sponsored insurance program. The Campbell Group of Grand Rapids was contracted to do an initial analysis of our current members’ coverage, rates, and quality of services. Here is a summary of their findings:
- The financial strength of many member’s insurers was questionable.
- Some members could not find necessary lines of insurance coverages at any price.
- None of the members interviewed (approximately 20 agencies) were with insurance companies that were licensed in Michigan, nor did they participate in the Michigan Guarantee Fund which would provide coverage in the event of an insurer’s insolvency.
- Policy forms were often very restrictive and there was no consistency in coverage offered from one insurance company to another. Members were shocked to find policy exclusions and restrictions took away coverage they thought they had.
- All members had separate insurance carriers handling their Worker’s Compensation, General/Professional Liability, Crime, Automobile, Property, Equipment and Bonding.
- In most cases the current agents, auditors, and claim representatives had very limited knowledge of the contract security industry.
- The premiums charged were exorbitant.
Due to the above findings, a national search was done in hopes of identifying an insurance company that would offer some relief. The goal was twofold. The primary objective was to effectively address the above-mentioned short comings. The second goal was to provide our members with reduced and consistent rates. Members’ savings over the years adds up to millions of dollars. Simply put, this is the “BEST” insurance program available to contract security and investigative companies in Michigan.
Average member savings 35%
In addition to the upfront savings offered, The Campbell group Inc. and their partnering carriers generously support the association & the collective interests of the security guard & investigative industries in Michigan.
To obtain a proposal contact Kevin Whaley at The Campbell Group or go to www.siisinsurance.com.
Kevin E. Whaley, LIC - Sr. Vice President