An insurance broker helps to find, negotiate and secure the best possible coverage that meets the insurance needs, as identified by the RMF Board, and the SigmaChi Fraternity. The Risk Management Foundation has a long standing relationship with it's insurance broker, James R. Favor & Company.
Jim Favor designed the initial fraternity risk management programs in the 1970’s, and he is a recognized pioneer, leader, and expert in the field of fraternity risk management. Mr. Favor acts as the actual underwriter for certain underwriters at Lloyd’s of London. (Simply put, an underwriter is a person or company that underwrites policies of insurance or carries on insurance as a business). He will now underwrite the RMF property and liability risk management as part of the long established Lloyd’s Fraternity Program. This program has served the fraternity community continuously since 1985 and it provides the type of specialized protection, professional services, and resources that will continue the RMF’s ranking at the top of the fraternity world in the area of risk management and member protection.
The staff of James R. Favor & Company has more than 100 years of collective experience serving fraternities. During that period the company has assisted its fraternity customers in resolving over 5,000 claims involving more than $50 million in recovered losses. During the company’s history, no customer has ever suffered an uninsured (not covered by insurance) or underinsured loss (insured for an amount less than the true value or replacement value).