Federated Rural Electric Insurance Exchange

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Federated Rural Electric Insurance Exchange is a unique insurance company that caters specifically to the needs of rural communities. It has been providing insurance services to rural electric cooperatives since 1962. The company specializes in providing property and casualty insurance to these cooperatives and their members.

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History of Federated Rural Electric Insurance Exchange

Federated Rural Electric Insurance Exchange was founded in 1962 by a group of rural electric cooperatives in Iowa. The cooperatives were looking for an insurance company that could provide them with customized insurance policies that catered specifically to their needs. The company was established as a mutual insurance company, which meant that it was owned by its policyholders.

Over the years, the company grew in both size and scope. Today, it serves over 550 rural electric cooperatives in 42 states across the United States. It has also expanded its product offerings to include not only property and casualty insurance but also employee benefits and risk management consulting services.

Products and Services Offered by Federated Rural Electric Insurance Exchange

Federated Rural Electric Insurance Exchange offers a wide range of insurance products and services to its clients. These include:

Product/Service
Description
Property and Casualty Insurance
Insurance policies that provide coverage for property damage, liability, and other risks faced by rural electric cooperatives.
Employee Benefits
Insurance policies that provide coverage for employee health, life, disability, and retirement benefits.
Risk Management Consulting
Consulting services that help rural electric cooperatives identify and mitigate risks to their operations.

Advantages of Federated Rural Electric Insurance Exchange

There are several advantages to choosing Federated Rural Electric Insurance Exchange as your insurance provider:

  • Specialization in serving rural electric cooperatives means that the company has a deep understanding of the unique risks and challenges faced by these organizations.
  • The company is owned by its policyholders, which means that it is accountable to them and not to outside shareholders.
  • The company has a strong financial track record and is rated “A” (Excellent) by A.M. Best, a leading insurance rating agency.

FAQ

What is a rural electric cooperative?

A rural electric cooperative is a non-profit organization that provides electricity to residents and businesses in rural areas. These cooperatives are owned and controlled by their members, who elect a board of directors to oversee the organization.

Why do rural electric cooperatives need specialized insurance?

Rural electric cooperatives face unique risks and challenges that are not typically addressed by traditional insurance policies. For example, they may need coverage for damage caused by power outages or liability related to the use of electricity in agricultural operations.

How does Federated Rural Electric Insurance Exchange differ from other insurance companies?

Federated Rural Electric Insurance Exchange specializes in serving rural electric cooperatives, which means that it has a deep understanding of the unique risks and challenges faced by these organizations. It is also owned by its policyholders, which means that it is accountable to them and not to outside shareholders.

How can I obtain insurance from Federated Rural Electric Insurance Exchange?

You can obtain insurance from Federated Rural Electric Insurance Exchange by contacting the company directly or by working with an insurance agent who is licensed to sell its products.

What is the financial rating of Federated Rural Electric Insurance Exchange?

Federated Rural Electric Insurance Exchange is rated “A” (Excellent) by A.M. Best, a leading insurance rating agency. This indicates that the company has a strong financial track record and is able to meet its financial obligations to policyholders.

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