What term describes a collective of insurance buyers that come together to purchase liability coverage?

The term that best describes a collective of insurance buyers coming together to purchase liability coverage is "Risk Purchasing Group." This type of arrangement allows members who share similar risks to join forces and negotiate more favorable insurance terms, typically resulting in lower premiums compared to what they might achieve individually.

Risk Purchasing Groups are formed under specific regulatory frameworks to promote collaborative purchasing strategies among members, often in businesses or professions with common liabilities. They are distinctly designed for the purpose of obtaining commercial insurance and specifically address liability coverage, which is the focus of this question.

In contrast, while an insurance cooperative could imply a collective approach to insurance, it isn't specifically targeted towards liability coverage or structured in the same regulatory manner as a Risk Purchasing Group. A Risk Retention Group primarily focuses on providing liability insurance to its members, but it operates under a different model emphasizing self-insurance rather than collective purchasing. Lastly, "Liability Collective" is not a recognized term in insurance practices and does not describe a formal organized group for purchasing insurance.