Mission Statement
The mission of CSI is to provide HCPA members with a trusted source of high-quality and competitive insurance products and services.
CSI History
In 1985, a very hard insurance market made it very difficult for many businesses, especially those in the chemical industry, to obtain liability coverage or the limits they needed at any premium cost. In response, the federal government passed the Risk Retention Act of 1986, which made it easier for members of a particular industry or association to establish a group self-insurance program—called a Risk Retention Group.
A Risk Retention Group is a policyholder-owned insurance company. The major advantage of a Risk Retention Group is to provide its policyholders with a continuing, reliable, and stable source of commercial liability insurance in a manner that protects the participants from the soft and hard cycles of the traditional insurance industry.
Like traditional insurance companies, a Risk Retention Group must be licensed and capitalized. A Risk Retention Group is chartered and licensed as a liability insurance company in one of the 50 states or the District of Columbia (the state of domicile) and then is able to operate in all state jurisdictions. Membership in a Risk Retention Group is limited to those businesses that have similar liability exposures.
CSI was formed in 1987 (under the Risk Retention Act of 1986) with the assistance of the industry’s trade association now known as Household & Commercial Products Association. CSI is domiciled in the state of Vermont and is regulated by the Vermont Department of Banking, Insurance, Securities & Health Care Administration.
CSI, a non-assessable Risk Retention Group (cannot assess policyholders to make up for any deficits), provides coverage for the chemical specialty industry and chemical distributors. CSI purchases reinsurance in excess of retained limits from top-rated carriers.
Risk Retention Groups may not be subject to all the insurance laws and regulations of your State. State insurance insolvency guaranty funds are not available for Risk Retention Groups.
CSI has operated continuously through hard and soft insurance markets for 35 years as the premier provider of liability insurance for the consumer specialty products industry.