Group Captive Greenguard Set Up for Multifamily Property Owners
January 08, 2020
One of Vermont's largest independent protected cell captive insurance companies, Green Mountain Sponsored Captive Insurance Company, Inc. (Green Mountain), has launched Greenguard, a group captive profit center program for owners and providers of multifamily properties.
The program aims to ensure tenants have adequate liability coverage and protection for their personal assets while generating income for property owners and managers who market and administer the program.
As a group captive, Greenguard offers program expense sharing and underwriting profit distribution to its members without the need for its members to put up capital or collateral.
Along with creating a means to employ risk management plans and reduce the cost of risk, Greenguard will be utilized as a profit center for the multifamily property industry.
According to Green Mountain, increasing numbers of new apartments nationwide means the possibility of increasing the level of self-insured losses caused by fires, natural catastrophes, or resident and tenant negligence. The Greenguard program offers property owners and managers an opportunity to provide protection for such losses while offering their residents and tenants convenience in complying with insurance requirements under their lease or rental agreements.
Chris Kramer, managing director of Green Mountain, said, "We are excited about the launch of the Greenguard program as its ease of participation and lack of financial risk will entice candidates to use our program. For agents/brokers seeking to fortify their relationship with their clients in multifamily, residential, and tenant occupied property industries, Greenguard can provide a unique service and benefits."
Strategic Risk Solutions (SRS), a Green Mountain shareholder and Greenguard codesigner, will provide captive management services for the program.
SRS President Brady Young said of the project, “We are pleased to support this new program in a sector where greater transparency is needed, and both tenants and property owners/managers can benefit over the current fully insured products being sold today. We have large clients that already do this on their own, but this program will enable midsize companies to access the same benefits on a turnkey basis with no up-front investment."
Email Mr. Kramer for more information.
January 08, 2020