Dallas-based wholesaler RISC Inc. announced that its recently formed sub-contractor’s liability facility has been a huge success. The facility has been set up to write GL and Umbrella coverage for 14 specialty contractors in both the residential and commercial fields.
RISC President Bill Staub stated that although they are currently writing between $1.5 million to $2 million in new premium a month, “we have just scratched the surface of this market.” The company is serving a territory running from Louisiana north to Canada and west.
Bob Leonhart, senior vice president of the Programs Department, stated, “in addition to General Liability and Umbrella, we’ve expanded the program for 2005 to include Workers’ Compensation and Automobile coverage.”
Darwin Lucas, another senior VP of Programs, said the company uses “an exposure basis of payroll for these classes of business,” which he noted is a more accurate way to base premiums. “We have seen receipts escalating due to the cost of goods increasing monthly, and our clients have all agreed that using a payroll basis of rating is more cost effective,” Lucas stated.
For further information on this program visit the RISC Web site at www.gorisc.com or call (800) 725-7472.
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