1. AMERIND is “broke.”
False. AMERIND is rated A- (Excellent) by AM Best, based on their Financial Strength Rating (FSR) scale? As an AM Best rated company, we are required to submit our financials to AM Best on a quarterly basis and undergo an annual review to evaluate our balance sheet strength, operating performance, business profile and enterprise risk management processes. AM Best monitors our financial results each quarter and if a concern were ever to arise, they would address it at that time.
2. Is Tribal First part of Alliant Specialty Insurance Services, Inc.?
Yes, Tribal First is a registered trademark of Alliant Specialty Insurance Services, Inc (Alliant). They are a specialized program of Alliant, and their Tribal Property Insurance Pool (TPIP) accesses the coverage and limits through Alliant’s Public Entity Property Insurance Pool (PEPIP). Tribal First is not an insurance company, they are a Managing General Agent (MGA). They are not admitted and do not have an AM Best financial strength rating of their own.
3. An All-Lines Aggregate policy can offer first dollar (guaranteed cost) coverage.
False. An All-Lines Aggregate policy requires the policyholder to retain a portion of each loss through a Self-Insured Retention (SIR). Claim losses up to the SIR amount (typically $100K or $250K per claim occurrence) are paid by the policyholder and any amount over the SIR are covered by the insurance policy. First dollar coverage is exactly that, the insurance policy covers all claim losses in exchange for a known (guaranteed cost) premium amount. While the premium for an all-lines aggregate policy is typically less expensive than a first dollar (guaranteed cost) policy, the policyholder must include the SIR claim losses they are paying under the all-lines aggregate policy to compare the total cost of both coverage options.
4. Shared Limits
AMERIND policyholders are provided with their own coverage limits and do not share limits with other tribes. When coverage is purchased through the TPIP pooled program, coverage limits are shared with multiple tribes within the TPIP pool.
5. Non-Appointed Brokers
AMERIND maintains industry standards by entering into broker appointment agreements with licensed brokers. These agreements provide them with the appropriate access to AMERIND’s products and services to properly provide Tribal Nations with our pricing quotes for insurance coverage(s). The following brokers have not had such access to AMERIND since 2012 and will not in the foreseeable future have access to any AMERIND coverage or programs.
- Alliant Specialty
- Brown and Brown
- The Mahoney Group
- HUB International
- Pacific AG Insurance Agency (specifically Jimmy Heskett)
- Sullivan Insurance Agency