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ASSOCIATION ASSURANCE GROUP

ADVANTAGES OF THE 
OKLAHOMA RURAL WATER ASSOCIATION ASSURANCE GROUP:

 

A ► Affordable All Risk Protection
S ► Specifically Tailored for Water System Needs
S ► Stable, Long-term Protection is our Goal
U ► Uniform Rates
R ► Reliable Service
A ► All Coverage's Under One Plan
N ► No Rural System Too Big or Too Small
C ► Credits Issued for Favorable Loss Experience
E ► Ensuring Security for the Future
 

 

 

 

 

 

TYPE OF ENTITY: 

     The Oklahoma Rural Water Association Assurance Group is a risk retention pool formed as authorized by the Governmental Tort Claims Act.  The Group is owned and operated by its participating members.  Systems desiring to become members of the Group enter into an interlocal agreement, as provided for in the Interlocal Cooperation Act.  All members have a voice regarding policies and procedures of the Group.

     The Interlocal Agreement for establishing the Oklahoma Rural Water Association Assurance Group and other legal documents have been approved by the Attorney General of Oklahoma. 

MEMBERSHIP:

     Any rural water district, non‑profit water corporation, public works authority, or water and sewer trust formed under Title 82 for the benefit of a city, town, county or the state is eligible to participate in the Group, subject to individual underwriting.

SCREENING OF APPLICANTS:

     All applicants for coverage under the assurance program must complete a questionnaire (Analysis) to determine their loss exposure and past loss experience.  Applicants are carefully screened to protect program participants and assure the integrity of the Assurance Program.

     ORWAAG reviews questionnaires and analyzes the loss experience of participants, establishes experience modifiers and develops loss control programs.

COVERAGE:

     There are significant differences in coverage that you should consider when purchasing insurance.  A basic insurance policy covers about one dozen perils or losses.  Only those perils described in the policy are covered.  All other losses are excluded.  You can also purchase broad form coverage.  The broad form policy covers all the losses included in the basic policy plus five or six additional perils.  Again, only losses described in the policy are covered.

     A special risk policy, such as the Oklahoma Rural Water Association Assurance Group's Protection Plan, is the best coverage available.  The plan covers everything that is not specifically excluded in the plan document.  A distinct advantage is that all coverage is contained in one plan document.  You know what is covered and you avoid having to deal with several policies with varying expiration dates and different insurance agents.  The plan is written to comply with the Oklahoma Governmental Tort Claims Act.  Oklahoma Rural Water Association Assurance Group provides a full line coverage program designed for the special needs of utility systems within the state of Oklahoma.

POLICY PERIOD:

     All policies issued by the Oklahoma Rural Water Associations Assurance Group have a common anniversary date.  The Group's plan document period runs from June 1st to June 1st each year.  Premium is pro‑rated to June 1st for systems who enroll in the program during the year.

     A system is not required to secure all coverage upon enrollment in the program.  However, you must secure at least three lines of coverage to be eligible to stay in the Program.  As a system's individual policies, such as general liability, errors and omissions or property and auto expire, they are converted to the Assurance Program as directed by the system.

     Systems currently enrolled in the Program are saving 10 to 40 percent on the cost of coverage.  Those who pay about the same get substantially more coverage for their insurance dollars.

     A number of factors affect the price of coverage.  Among them are the perils or losses covered by the policy, the maximum amount that the insurer will pay for a covered loss, and the deductible amount.

      An insurance program should not be selected solely on the basis of rates.  To get a fair comparison, coverage, limits and deductibles should be evaluated. 

VOTING:

     Each member of the Assurance Group shall be entitled to one vote on matters presented for consideration of the members. 

BOARD OF TRUSTEES:

     The Oklahoma Rural Water Association Assurance Group Board of Trustees is composed of thirteen members, elected or appointed from systems who are participants of the Assurance Program. 

     The Assurance Group Board of Trustees oversees administration and operation of the Program, sets policies and procedures, approves claims, screens applicants, invests funds and performs other duties as required by the Interlocal Agreement.

REINSURANCE:

     The Oklahoma Rural Water Association Assurance Group plan is fully reinsured for general liability, directors & officers liability, auto liability, employment related practices liability, employee dishonesty, and property. 

INVESTMENTS:

     Monies invested in the ORWAAG Capitol reserve and premiums collected for coverage are invested only in investments that are FDIC or FSLIC insured, or backed by the U.S. Government.

     It is the policy of the ORWAAG Board of Trustees to invest in Oklahoma institutions and keep the Group's Funds in the State whenever possible.   

AUDIT:

     The ORWAAG program is audited at the end of each fiscal year by a certified public accountant knowledgeable and experienced in auditing insurance programs.  The audit includes an analysis of the Group's financial condition, underwriting practices and claims adjusting.

     For an exact quote, without obligation, on the cost of coverage for your system, please give us a call at 405/672-8925.

For questions, call Lisa Ross, Jennifer Smith or Risa Reagan at (405)672-8925 or (800)375-6792.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma Rural Water Association
P O Box 95349
Oklahoma City, Oklahoma 73143
PH: 405/672-8925          Fax: 405/672-9898


Copyright © 1999-2007, Oklahoma Rural Water Association