What Does Purchasing Group Mean?

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What does Purchasing Group mean? Read on to discover the definition & meaning of the term Purchasing Group - to help you better understand the language used in insurance policies.

Purchasing Group

Purchasing Group

A purchasing group is an organization that buys liability insurance for its members at a lower price and with broader coverage than is available to individuals. These arrangements were made possible by the Liability Retention Act of 1986.

We hope the you have a better understanding of the meaning of Purchasing Group.

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