Pool Aggregate Retention Casualty Excess Loss Program (PARCEL)
PARCEL provides coverage that insures the difference between the higher conservative confidence level of reserves and the lower amount of reserves in case claims exceed that lower amount.
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Reduced Rates through PARCEL
Most pools choose to reserve for losses using a conservative “confidence” level from the pool actuary of 80% to 90%. However, experience indicates that using a confidence level of 50% to 60% is closer to a pool’s actual experience of losses. The difference in reserving creates savings that can be added to the pool’s surplus and be used for other purposes, including reducing rates charged to members.
Insurance Lines Covered through PARCEL
The PARCEL program can be used for all of a pool’s casualty lines of insurance or it can be used for one or more coverages including general liability, public officials liability, school board liability, automobile liability, or workers’ compensation. PARCEL can also be used for large individual self-insured public agencies.
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