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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Establishing a Captive Insurance Company

Mark Sims
April 08, 2019

A new Captive Thought Leader Video featuring Mark Sims, vice president of business development for Captive Alternatives, LLC, titled "What Is the Process for Establishing a Captive Insurance Company?" has recently been added to the Captive.com video library.

According to Mr. Sims, the process for getting a captive insurance company established can be approached by taking the business owner through the underwriting process, just as it would do if it were buying any insurance. This involves gathering information, which is critically important for an independent actuary to determine what risks and premiums a business owner can insure inside its own captive insurance company.

According to Captive Alternatives, LLC, the process involves the following.

  • Filling out a risk assessment questionnaire
  • Gathering information about all of the business's current and historical commercial insurance policies to determine current coverage levels and identify coverage holes or gaps by reviewing difference in conditions
  • Obtaining business financial statements

An underwriter will package all of the above information for actuarial pricing consideration.

There is no cost to view the videos, and you will find them in the Captive Thought Leader Videos section of Captive.com. More videos will be added in the future.

(Mr. Sims is pictured above.)

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