It goes without saying that individuals and associations alike need to be properly covered by insurance; that's just common sense. But the wide variety of choices can make obtaining that coverage a daunting process. To help boards and HOAs navigate these options with minimal hassle, the New York-based Insurance Information Institute (I.I.I.) has become a one-stop-shopping resource for information on all manner of insurance needs.
Purpose & History
With property and casualty premiums totaling a trillion dollars (that's trillion with a T) in 2010, plus an additional nearly $600 billion more in life insurance premiums, insurance is a huge business with scores of companies offering competing services. I.I.I. exists to simplify, clarify and aid the premium payers.
According to Michael Barry, the group's vice president of media relations, “I.I.I. is an insurance trade association that is funded by property casualty insurance. We specialize in homeowners, automobiles, and business insurance, as well as life insurance and annuities. We're here to communicate with the public on important issues related to insurance.”
The Institute's main office in Manhattan was founded over 50 years ago, and, it exists to provide aggregated information without bias. Throughout the group’s history, they have earned a reputation for fair reporting and accurate information, making them experts in the eyes of both state and federal governments, in addition to industry regulators and the public.
According to Barry, the I.I.I. maintains this reputation is by not allowing their operation to become a political lobbying concern, focusing instead on presenting facts as straightforwardly as possible and allowing individuals to draw their own conclusions.