|
|
|
 |
|
|
 |
About Us
|
|
|
|
Company History and Overview |
|
|
|
The Missouri Bar has taken an active role in the placement
of professional liability coverage for its members since
the late 1970’s. Initially The Missouri Bar endorsed a program
written by American Home (AIG) and later CNA. Rollins, Burdick,
Hunter of Missouri (RBH) acted as insurance broker for The
Missouri Bar in securing this coverage.
In late 1983, CNA indicated that they were no longer interested
in the Missouri program and other commercial carriers were
either exiting the market or forcing significant rate increases
(100+%) on its policyholders. This response by the commercial
insurance market to the Lawyers’ Professional Liability
line of insurance was not unique to Missouri. Attorneys
across the country were experiencing similar crises in finding
a carrier willing to write this line of business without
taking significant rate increases. In response to these
crises, State Bar Associations across the country began
researching ways to assure that attorneys in their respective
states would be able to find professional liability insurance
coverage and The Missouri Bar was among them. Out of this
effort, what are now known as the "NABRICO" companies were
born.
NABRICO stands for the National Association of Bar Related
Insurance Companies. Sixteen companies were formed in the
United States for the purpose of providing lawyers in the
respective states with a financially stable insurance carrier
that was committed to writing lawyers’ professional liability
insurance and serving the legal community for the long term.
The effort was hugely successful. Each of these NABRICO
companies is in operation today. Only one of these companies
is no longer considered a "bar-related" company after its
recent purchase by a commercial carrier. The Bar Plan Mutual
Insurance Company, like most of these NABRICO companies,
remains a mutual insurance company, owned by its policyholders.
The Bar Plan’s mission is to provide broad coverage at the
lowest possible price that is consistent with long-term
financial stability of the company.
Today, The Bar Plan writes lawyers’ professional liability
insurance in Missouri, Kansas, New Mexico and Indiana. In
conjunction with its subsidiary company, The Bar Plan Surety
and Fidelity Company, The Bar Plan also writes Court Bonds
in 47 states. Additionally, The Bar Plan Insurance Agency
offers Business Owners Insurance for Lawyers, along with
Workers Compensation, Commercial Automobile, Commercial
Crime and ERISA coverages in Missouri and Kansas (underwritten
by The Hartford) and it administers The Missouri Bar Life
Insurance Program (underwritten by ING/ReliaStar).
The Bar Plan is committed to the legal community. Unlike
most commercial carriers that have entered and exited markets
as changes in market conditions, corporate goals and policies
dictate, The Bar Plan has remained a constant, continuously
serving lawyers since 1986. According to the Missouri Department
of Insurance’s latest market share report, The Bar Plan
writes 85% of the eligible market in Missouri. There is
no other carrier that has written enough of this market
or stayed in this market continuously to know how to price
this line of business.
It is not uncommon for insurance carriers to decide to write
this line of business at a price that will "buy" market
share. The Bar Plan has experienced this many times over
the years. In each case, carriers will either make necessary
rate corrections once the claim experience develops or they
will exit the market entirely. In some cases, the practice
of charging inadequate rates has caused insurance companies
to fail entirely, leaving policyholders without coverage
for current and future claims.
While similar market share data is not available in Kansas,
Indiana and New Mexico, our data suggests that The Bar Plan
has the largest share of the market in Kansas, and is among
the market share leaders in Indiana and New Mexico. Consistent
with Missouri, The Bar Plan offers the lowest possible premium
consistent with long-term financial stability.
All products and services offered by The Bar Plan Group
of Companies are for the benefit of the legal community.
It is our mission to serve the legal community in everything
we do. |
|
| |
|
|
|
|
The Bar Plan Mutual Insurance Company Board of Directors |
|
|
|
David E. Larson, Chairman
Leawood, Kansas 66211 |
James E. Baldwin
Lebanon, Missouri 65536 |
Jerome E. Brant, Vice Chairman
Liberty, Missouri 64068 |
Dennis L. Gillen
Wichita, Kansas 64202 |
Ann P. Hagan, Secretary
Mexico, Missouri 65265 |
Kent O. Hyde
Springfield, Missouri 65804 |
Richard G. Steele, Treasurer
Cape Girardeau, Missouri 63702 |
Walter R. Lamkin
St. Louis, Missouri 63017 |
Karen R. McCarthy, President and
CEO
St. Louis, Missouri 63131 |
|
|
|
| |
|
|
