BCx is a captive insurance company in the form of a reciprocal risk retention group (RRRG) formed by independent blood centers in order to ensure long-term cost benefits and stability of coverage. The RRRG allows all profits to be returned to members as a tax-deductible transfer to Member equity, which is a distinct advantage over commercial products. BCx is domiciled in Indiana and issues professional/general/cyber liability policies in other states under the authority of the Federal Risk Retention Act of 1986.
BCx began writing insurance on August 1, 1993. To date our net paid claims (in excess of member's deductibles) are less than 37% of our net earned premiums. Our goal is to build our surplus so that our profits will ultimately be returned to our members.
BCx readily provides limits of liability up to $5,000,000 each occurrence with single double or triple aggregate options and with deductibles ranging from $25,000 to $100,000.
Yes, BCx requires a one-time capitalization fee which becomes an investment on your financials and BCx Member Equity held in your blood center’s name. The formula for the fee is 50 cents per annual donation, plus 50 percent of your first year’s premium. This capital investment can be paid in three annual payments.
While the day-to-day operations are the responsibility of insurance professionals, the operations are directed by the Board of Directors, which is made up of blood center executives and insurance consultants. Committees are chaired by BCx Board Members and comprise Directors and BCx Member staff volunteers. Committees assist in shaping and implementing Board decisions and formulating the future of BCx.
BCx has contracted with Gallagher Bassett Specialty to administer our claims. We also contract with MCM CPAs and Advisors and Alliant Insurance for program management services, such as underwriting, management and marketing, as well as financial consulting and reporting services. Contact information can be found in "About BCx" under the "Who's Who" option.