July 2023 Edition
Happy Independence Day/ Weekend/ Tuesday! When holidays fall in the middle of the week, it sure wreaks havoc on HR and company leaders. So, is your office closed on Monday, July 3rd or has half of your staff already requested PTO?

In the captive world, Connecticut changed its captive laws to let captives absorb and transfer risks via parametric contracts, giving them another tool for handling special risks or those that are challenging to put in the conventional commercial market. The legislation also grants sponsored captive protected cells more freedom by allowing them to create separate accounts to handle the unique insurance requirements of businesses.

Also, tomorrow (6/30) is the last day to get early bird pricing to attend the 2023 VCIA Annual Conference. See the details and link below.

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.
Connecticut Governor Signs Legislation Updating State's Captive Laws
Connecticut Governor Ned Lamont has signed legislation updating the state's captive insurance laws to support the growth of captive insurance in Connecticut and increase options for captive owners.

A statement from the governor's office said...
Vermont Captive Insurance Association (VCIA) 38th Annual Conference

Collaborate at America's biggest captive conference when the captive world comes to meet for the Vermont Captive Insurance Association (VCIA) 38th Annual Conference, scheduled for August 7–10, 2023, in beautiful Burlington, Vermont. 
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Conferences & Webinars
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Calendar of Events
Captive Claim Highlight
Client Profile
Industry: Retail/Wholesale
Specialty:  Small Kitchen Appliance Sales
Location: California
Claim Information
Description:  An equipment leak at an insured's location resulted in water damage to the floor and basement below. After a claim with their primary carrier, their Oxford Actual Net Loss Insurance Policy "Deductible Reimbursement (All Other)" coverage reimbursed the investigation and adjuster expense.
Line of Coverage:  Deductible Reimbursement (All Other)
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $700.
*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.
Happening This month:

7/4: Independence Day
7/7: World Chocolate Day
7/12: Nat’l Pecan Pie Day
7/15: Nat’l Pet Fire Safety Day
7/16: Nat’l Ice Cream Day
7/19: Nat’l Hot Dog Day
7/30: Int’l Day of Friendship

This Month is Observed as:

National Parks Month
UV Safety Month
National Picnic 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.
Get Your Insurance Quotes From The:
Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.

Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
  • Life
  • Disability
  • Long-Term Care
  • Business
  • Personal
  • Captive
  • More...
48 South Service Road
Suite 400
Melville, NY 11747

Office: 1-833-US-CAPTIVE
Fax: 888-929-6565