Group Purchasing Power for Properties

[Jesse Turner]

Hello! I'm searching for an insurance professional to discuss the concept of negotiating group purchasing property insurance for a discount (similar to what is done through health care via employers).

Are there regulations that would make this prohibitively difficult in the property insurance industry?

[John Mocker]

Jesse,

Depending on the situation it may be possible to get some kind of Group purchase.  In the past, I've seen the following:

1. Insurance programs or discounts provided by one company to the members of a specific organization (ie. trade group, alumni group, company employees, etc..)

2. Insurance Purchasing Groups.  These are often used for difficult to insure trades or businesses (ie. medical Malpractice, asbestos removal, etc.).  A master policy may be issued and the group members pay to be part of the policy.

3. Self Insurance.  Large companies or groups fund the claims together and then pay someone to administer the claims.

Let me know more about what you are thinking of and I will let you know if any of the above would be likely.