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Article: TOMA risk retention group: last chance for third-party coverage. (Texas Oil Marketers Association - liability insurance)
- Article from:
- National Petroleum News
- Article date:
- May 1, 1990
- Author:
CopyrightCOPYRIGHT 1990 M2Media360. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOMA Risk Retention Group: Last Chance For Third-Party Coverage?
The Texas Oil Marketers Assn. (TOMA) in late winter was assembling what may be the only alternative many Texas jobbers have for third-party liability insurance - a risk-retention company totally independent of the association.
Earlier in the year, the insurance situation looked bleak, with a combination of a pending compliance deadline and the potential financial failure of a major tank insurer which could leave many marketers flying without a net on the question of third-party liability.
TOMA has designed a plan that would give marketers the required $1-million/occurrence, $2-million ...