Results from annual policyholder survey.
Fabricare Business Insurance Provider
NIE insures thousands of dry cleaners and laundromats in 33 states. NIE’s full legal name is National Fire and Indemnity Exchange.
NIE was founded in 1915 as the National Association of Dyers & Cleaners Inter-Insurance Exchange. As a reciprocal exchange, it has no stockholders. NIE only issues non-assessable policies.
All 48 continental states are served from NIE’s office in St. Louis, Missouri. We have experience with most any insurance problem your business is likely to face.
What Makes Us Different?
Our History
In 1915, the National Association of Dyers & Cleaners (now International Fabricare Institute) organized the National Association of Dyers & Cleaners Inter-Insurance Exchange (now the Exchange).
John L Corley, Sr – Founder of NIE Insurance In those days, there was one very good reason to choose the Exchange; no one else would insure cleaners because disastrous fires and explosions accompanied the early use of gasoline and naphtha in cleaning plants.
In the words of Albert Morgenthaler, “We tried every way we could to get insurance, but no one would write us. Finally John (Corley) organized the National Association of Dyers & Cleaners Inter-Insurance Exchange.”
John L. Corley, L.L.D., as Secretary of the National Association of Dyers & Cleaners (now International Fabricare Institute), was the driving force behind the formation of the insurance exchange (now the Exchange). He was elected to the International Fabricare Institute’s Hall of Fame in 1980.
Since the Exchange’s inception, its operations have been managed by John L. Corley, Inc. as Attorney-in-Fact.
What's a Reciprocal Exchange?
A reciprocal exchange is a group of risks that insure each other. When you purchase insurance from an exchange, you become more than a policyholder; you become a subscriber.
An exchange’s subscribers appoint an attorney-in-fact to manage the exchange. Our subscribers also elect a committee to advise the attorney-in-fact of subscriber needs and preferences. Our Advisory Committee also decides what to do with the Exchange’s profit, how the Exchange’s assets should be invested, what actuarial firm should analyze the Exchange’s loss reserves, and what CPA firm should audit the Exchange’s financial statements.
If our Exchange generates a loss, policyholders can NOT be required to pay additional premium. That’s because our Exchange issues only non-assessable policies.
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Reinsurance Protection
The Exchange purchases multiple types of reinsurance including:
Per Occurrence
This reinsurance obligates reinsurers to reimburse the Exchange for the portion of individual losses that exceed $400,000.
Property Catastrophe
The reinsurance obligates reinsurers to reimburse the Exhcange for the portion of total losses from one hurricane that exceeds $500,000 per hurricane (up to $5 million per hurricane).
Reasons Cleaners Choose NIE
NIE Policyholders By State
Endorsements & Associations Partners
NIE is the only insurance program endorsed by the Drycleaning and Laundry Institute, the premier international fabricare association.
We support all dry cleaners and laundromats through our membership in fabricare associations and in giving both technical and financial support to industry associations and causes. We are especially proud to be the insurance program managers for these outstanding associations.