Insurance Protection & Financial Stability
During a soft market when coverage is readily available and premiums are relatively competitive, it's hard to remember the frustration and helplessness that most operators felt during the last hard insurance market. You may recall premium increases over just a few years in excess of 400%- or desparate struggles to even find carriers to provide coverage. In fact, many carriers simply left the liability insurance market in late 1990's-early 2000's. Compounding the frustration was that many of the Not for Profit operators weren't having any claims at all, let alone the multi-million dollar headline grabbers that scared the insurance market into near panic.
In 2001, a group of high quality NFP operators in IL made the decision that they no longer wanted to rely on the traditional insurance market to serve such a critical need. Especially an insurance market that had little understanding of the risk, and needs, of the NFP operators. The founding members of TRS realized that soft markets and hard markets come and go, and the reality of such makes budgeting and risk management nearly impossible to predict with any degree of certainty. TRS RRG was formed as their permanent solution to both Risk Management/Regulatory Assistance and Liability Insurance protection. The program launched in 2004, after years of planning and building a comfort level. In 2013, members have benefitted from a program that has out-performed expectations and has built the strongest of financial foundations to ensure protection and service long into the future.
TRS RRG isn't the right option for all operators. There are participation requirements, upfront capitalization requirements and, as with any owned entity as TRS is, there is risk. However, talk with a member and you will find that the risk of ownership is far out-weighed by the reward of ownership, not only because of the financial success and resulting equity development for all members, but the difference making services that have provided real support for time strapped Directors of Nursing and Administrators.
We welcome you to talk with any TRS member.