Risks retention

With IRRA companies in the same industry are permitted to form a specialized insurance company to insure themselves. As an example, one was been established in Vermont 1992 that was called the Plastics Industry Risk Retention Group (PIRRG). 

Paleologos, E. K. and Fletcher, C. D., 1999, Assessing Risk Retention Strategies for Environmental Project Management Environmental Geosciences, Vol. 6, No. 3, pp. 130-138. 

Of considerable interest to manufacturers will be the Product Liability Risk Retention Act of 1981 which passed the U.S. House of Representatives (as H.R. 21201) on July 28, 1981 and the U.S. Senate, in identical form (as S.1096) on September 11,1981. The legislation, perhaps inspired by cases such as Sindell, discussed previously, was introduced by Senator Robert W. Kasten (R.-Wis.). Among other things, it removes numerous state insurance regulation barriers to the formation of self-insurance groups, and enables product sellers to get together and buy commercial liability policies on a group basis. 

PIRRG Plastics Industry Risk Retention PNF polyfluoroalkoxyphosphazene... 

The provision of suitable measures or elements to eliminate or control real or potential hazards. Risk control may be done through risk avoidance, risk retention, risk transfer, or risk reduction measures. See also Risk Avoidance Risk Management. Risk Reduction Risk Retention Risk Transfer. 

Risk control strategies may be classified into four main areas risk avoidance, risk retention, risk transfer and risk reduction. 

The risk is retained in the organisation where any consequent loss is financed by the company. There are two aspects to consider under this heading risk retention with knowledge, and risk retention without... 

Risk retention without knowledge usually results from lack of knowledge of the existence of a risk or an omission to insure against it, and this often arises because the risks have not been either identified or fully evaluated. 

In cases where risk cannot be avoided, or reduced, risk m be retained and the cost absoibed by the oiganization, taking an insurer s point of view of risk retention. From an OHS practitioner s viewpoint, insurance such as woikers compensation or fire can be taken out for some retained risk. 

Whilst the provision of advice to organisations in the fields of risk retention and risk transfer features as a significant part of the work of risk management companies, many of these companies provide consultancy services in the area of risk reduction. Risk reduction strategies can cover ... 

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