The Heating, Airconditioning & Refrigeration Distributors International unveiled a new insurance program for members.

The program follows the HARDI Insurance and Risk Management Committee’s appointment of Gregory & Appel Insurance as the association’s exclusive broker for members.

The program offers members two insurance options: They can choose from traditional property and casualty coverage with Travelers Insurance or a customized, distributor-only “owned captive” insurance program.

“Our extensive qualification process to select an exclusive insurance provider helps ensure we offer HARDI members the highest quality services,” said Talbot Gee, vice president of HARDI. “Gregory & Appel’s significant distribution industry expertise and exclusive arrangements with two potential dividend-paying insurance programs made Gregory & Appel the logical choice.”

Travelers Insurance has endorsed a national insurance program specifically available to all HARDI members.

“The wholesale distribution of HVACR products is a very attractive class of business to us. We will be extremely aggressive in our pricing model with the HARDI program in an effort to attract and retain quality business,” said David Hill, regional vice president of Travelers.

HARDI members will also be offered a captive insurance program exclusively for distributors, which historically has offered its members a 25 percent return on premiums over a five-year period. Captive programs offer members an opportunity to receive dividends back on their premiums.

“Our clients generally enter our group captive programs for similar annual up-front costs to that of the standard insurance market. Then due to their positive claims history, our group captive members can build up their equity, which in turn significantly reduces their overall cost of risk. Lowering the cost of risk is our top priority at Gregory & Appel,” said Brad Dumbauld, vice president of Gregory & Appel’s Alternative Risk Solutions.

“We are committed to the success of the project, which if it grows according to plan, will be a model for the rest of the industry,” said Steve Appel, vice president of corporate development for Gregory & Appel Insurance.