Types of Coverages

An upcoming webinar from Management Services International (MSI) will focus on how captive insurance companies can fill gaps in commercial insurance coverage in the face of claims resulting from the COVID-19 pandemic. The webinar, titled "COVID-19 Claims Saving Small Businesses with MSI Captives," is scheduled for noon (EST) on Wednesday, April 8.

Since hemp production became legal, it has been fast-tracked to become a unique commodity, but insurance coverage issues remain. A hybrid solution involving specialty insurance and captive insurance might be the answer.

A captive insurance company could help small-to-midsized business owners mitigate cyber risk in a cost-effective and practical way.

John Talley, captive program manager for the Missouri Department of Commerce and Insurance, breaks down captives and their applicability to agricultural insurance.

Staying abreast of trends in construction risk and insurance is no easy task. "Construction Risk Thought Leadership," a free IRMI publication sponsored by Marsh, includes 7 quick-and-easy-to-read articles based on interviews with 15 construction risk and insurance experts.

Captive insurance planning has the potential to help mitigate reputational risk as the burgeoning #MeToo movement continues to spread and more people are implicated. It is a tailored approach that could mean the difference between financial ruin and resilience.

No organization can anticipate every possible scenario that may affect its business. This includes supply chain risk. Find out how a captive insurance company can address supply chain risk factors and circumvent business interruptions.

Industries such as self-storage facilities, dry cleaner chains, and real estate face environmental risks that are not obvious and are often overlooked. Middle market businesses subject to uncommon environmental risks that may lead to significant losses could benefit greatly from the cost-effective risk coverages afforded through a captive insurance company.

In this synopsis of a recent Milliman white paper exploring the deterioration in general liability claims costs and the potential impact on captive insurers, we also offer some basic suggestions to captives on how to address this problem.

US Department of Labor (DOL) suspension of a regulatory procedure employers have used for years to get expedited DOL review of their applications to fund employee benefits through their captive insurance companies is continuing, while regulators are circulating new captive benefit funding requirements.

Over the past several years, a number of independent reports have been published detailing the biggest, most egregious risks facing businesses. Whether we're talking about a "top 10" list or a "top 5," the real constant across the board was business interruption and its devastating impact. Find out how captive insurance can help.

Workers compensation large deductible plans provide up-front premium savings for organizations. Some organizations choose to maximize the financial benefit by utilizing a captive insurance company to insure the large deductible.

Breaking down claims data silos to bring various data sets together in healthcare systems requires a systematic approach, according to a panel of experts who recently spoke at the World Captive Forum.

While only a sliver of captive insurance companies fund their parents' employee benefit risks, the number is growing as more companies understand the advantages of that approach, experts say.

Mark Sims of Captive Alternatives advises that health insurance is one of an employer's biggest expenses. Many businesses are looking to use their captive insurer to help control healthcare costs. With captive insurance, the employer can prefund, into their captive, premium to cover their claims responsibility within the "specific deductible."

Michael Maglaras, principal of Michael Maglaras & Company, says that we have been insuring bad behavior in the commercial insurance market and in captive insurers for many decades. In this video, Mr. Maglaras raises questions and explores ideas around sexual misconduct, sexual abuse, sexual intimidation, and captive insurance.

Mark Sims, vice president of business development at Captive Alternatives, LLC, says businesses want to know what type of risks they can insure inside their own captive insurance company and are often concerned about enterprise risks such as loss of a key customer, weather-related events, data breaches, or cyber attacks.

The cost of extreme, or catastrophic, professional liability claims is increasing at a rate higher than typical self-insured claims, which are trending at 2 percent annually, according to the Aon/American Society for Healthcare Risk Management Hospital and Physician Professional Liability Benchmark report.

Fitch Ratings findings show that the US medical professional liability insurance sector experienced underwriting losses again this past year, placing more scrutiny around shrinking reserves.

Dot Foods Inc. is the latest employer to seek federal regulatory approval to use its captive insurance company to fund employee benefit risks. In a filing with the US Department of Labor (DOL), Dot Foods says it wants to use its captive insurer to reinsure voluntary accident and critical care coverages.