NBFAA seeking data for new member insurance program
SILVER SPRING, Md. - The National Burglar & Fire Alarm Association is continuing its push to collect data from its members for a new insurance plan scheduled to be rolled out later this year.
For the past several months, the NBFAA has been collecting loss history data from its member companies to develop a risk retention group (RRG) with Marsh Advantage America. However, some companies have been reluctant to provide the data or have returned incomplete surveys.
While the NBFAA was pushing members to submit their data as soon as possible, NBFAA officials have said members still have time to contribute information to the effort.
According to NBFAA Executive Director Merlin Guilbeau, the NBFAA will continue to accept data from members for the foreseeable future. Ã¢â‚¬Å“We can still submit (data) all the way to the time we start the RRG,Ã¢â‚¬Â he said. Ã¢â‚¬Å“Anything that will continue the loss history is to our benefit.Ã¢â‚¬Â
The RRG is designed to work like an insurance company, with the ability to issue its own policies and do its own underwriting at a cost savings for members. When the RRG is fully rolled out, NBFAA officials say that members will benefit through easier access to insurance and significantly lower premium costs.
David Wilson, president of the Connecticut Burglar & Fire Alarm Association, said that he will continue to urge his membership to send in their data to the NBFAA.
According to Wilson, Connecticut leads the nation in most responses to the NBFAAÃ¢â‚¬â„¢s inquiry.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re certainly try to get those numbers in so the data will accurately reflect the loss history,Ã¢â‚¬Â Wilson said.
According to MarshÃ¢â‚¬â„¢s Tom Perry, the more data collected from members will lead to the best possible insurance rate when the NBFAA rolls out the RRG.
Perry adds that data provided by members will only be used in relation to the RRG, and will not be used in any other way. Ã¢â‚¬Å“All information is held extremely confidential,Ã¢â‚¬Â he said.
The NBFAA is hoping to roll out the new insurance plan for its members at the North American Monitoring Technology Exhibition which is being held in Orlando, Fla. later this month.