Where To Find Samples of Captive Insurance Forms

July 10, 2015

From IRMI and Captive.com

Most captives tailor their coverage to the members or owner they insure. This typically requires retaining a coverage attorney with specialized experience in insurance policy drafting and defending that policy language in litigation.  

Most standard commercial insurance policy forms are developed by insurance advisory organizations, such as Insurance Services Office, Inc. (ISO), American Association of Insurance Services (AAIS), the Surety Association of America (SAA), and National Council on Compensation Insurance, Inc. (NCCI). We’ve heard that the American Association of Insurance Services may have a service that provides customization of commercial lines policies. ISO may provide a similar service, but we are not aware of it.

You do not specify what type of coverage document you are seeking (property, liability, workers compensation, etc.). This will be helpful when discussing the issue with others.

Captive.com does not maintain a library of sample insurance policy documents issued by captives. However, IRMI Online does include a vast library of mostly standard policy forms that are available to subscribers (more than 34,000 forms). Note, however, that the advisory organizations copyright their forms and a captive that uses copyrighted policy forms should obtain a license allowing it  to do so. To obtain a sample liability policy actually used by a captive, you might contact a risk retention group. RRGs issue liability policies directly to their members and will often provide sample copies of their policies to interested parties.

I assume your captive is not using a fronting carrier. If you use a fronting carrier, the fronting carrier will require you to use its policy form, though you may be able to customize the forms to some degree.

If you are going to become involved in drafting or customizing the forms written by a captive, we recommend you read the book How To Draft and Interpret Insurance Policies, which is published by IRMI.