I am part of a limited partnership in which the partners each own several properties. We currently each self insure, but also considering getting insurance to minimize risk. Is there an insurance “pool” similar to the medical industry in which the entire partnership would pay into, but managed by an insurance company? The company would investigate and pay claims, but the money would come from our own funds.
I am not looking for specific companies. Just that this service exists.
@Chuck H. the legal organization you are talking about is called captive insurance. It is a tool used my large corporations to self insure or by organizations that are outside normal insurance markets.
Look up captive insurance managers and you can find companies that will manage a captive or self insurance fund like you are discussing.
If you need a reference to one, there is one I know in PA. Send me a direct message and I can connect you.