May 2023 Edition
I have lost count of how many quarters in a row commercial insurance rates have increased. As you will see in the article below, they are up another 4% in Q1 2023.

I met with a potential client the other day who is in Florida, and he has had a 250% increase year to year. Of course, a lot of that has to do with carriers pulling out of his state, but it is still something we all need to watch.

With captives being a great cost-effective risk management tool for business owners, they can help provide supplemental insurance coverage and reduce costs.

If you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website by Clicking Here.

Larry Papola
Lawrence J. Papola, Jr.
Commercial Insurance Pricing
Up 4% in Q1
U.S. commercial insurance pricing increased by 4% in the first quarter, compared with a 3% increase in the fourth quarter of 2022 and matching the global rate of increase, according to a report Thursday from Marsh LLC.
We live in the digital age where everything is accessible or stored online which makes us all vulnerable to cybercriminals.

These criminals not only look for holes in networks to exploit, but they also trick people into giving up personal information via an email in a practice called phishing.

In today’s environment, data breaches happen every day. Your business needs to be prepared for the costs that are associated with a data breach.
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Captive Claim Highlight
Client Profile
Industry: Retail/Wholesale
Specialty:  Commercial Production of Skin Care Products
Location: California
Claim Information
Description:  One of our Insureds produced a line of cosmetic products for resale via a third party. Upon delivery of the products, the reseller reported they were unable to sell the products due to quality issues. The Insured recalled the order and provided a credit to the customer as restoration. Through their Captive's Actual Net Loss Insurance Policy "Product Recall Expense" coverage, they were able to recover the expenses associated with the lost products.
Line of Coverage:  Product Recall Expense
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $250,000.
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
May 2023
Happening This month:

5/4: National Day of Prayer /Star Wars Day
5/5: Cinco De Mayo
5/6: National Nurses Day
5/14: Mother’s Day
5/18: Ascension
5/20: National Rescue Dog Day/ Armed Forces Day/ World Bee Day
5/23: World Turtle Day
5/24: National Brother Day
5/28: National Burger Day
5/29: Memorial Day
This Month is Observed as:

National Bike Month
National Physical Fitness and Sports
National Mental Health Awareness
Lupus Awareness Month
Lyme Disease Awareness Month
Why Form a Captive?
There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.
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