As a CBIA Employee Benefits client, you pay rates that reflect the combined claims experience of all participating law firms in the program. By spreading the risk over thousands of people, your firm is better protected against future rate increases that normally result when your firm’s claims costs exceed the premiums paid by your firm.
Combining all law firms also reduces internal costs and allows our insurer to pay a much greater percentage of each premium dollar back out in claims without increasing rates.
In the event that overall claims exceed expectations, CBIA maintains large cash reserves that may be used to offset any required rate increases. While the plan’s future performance is not guaranteed, we have a long history of stable renewals with no increase in rates, or increases at or below inflationary levels.