The California Rental Association was presented with a check for $1 million at its Rental Rally Tradeshow in Pomona, Calif., this week by Bob Phares, president of California Rental Benefits Corp. The funds were the balance remaining after returning all of the capitalization collected during 20 years from CRBC policyholders.
“This guarantees that rental centers in California, Nevada, and other neighboring states will continue to receive the services of CRA for many years to come,” said Phares, who is also owner of Bakersfield, Calif.-based BS&E Equipment Rentals.
Current CRA president Alex DuBose accepted the check on behalf of CRA members and said, “This was a pleasant surprise and the Board is on record stating that it will be put to good use for our members.”
CRA formed CRBC in 1988 to help stabilize insurance premiums that were causing problems for its members. At that time, the board felt that another insurance option was needed for the association’s members. CRBC accomplished its goals and objectives.
