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April 2023 Edition
Happy Easter and Happy Passover!!

As we head into April, now is an excellent time to be thinking about the advantages of a Captive for you or your client's company. As the Insurance Information Institute recently published, "Captive insurance can be a source of value for certain companies in these inflationary times."

So, What Are the Advantages of a Captive?
Captives are a cost-effective risk management tool, which allows business owners the following advantages:
  • Reduction and Control of Insurance Costs
  • Provided Supplemental Insurance Coverage
  • Coverage for "Excludable Items"
  • Customized Coverage- Industry Specific.
  • & More...

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

Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
President
1-833-US-CAPTIVE
(1-833-872-2784)
Tennessee is Now A First Choice 
One of the first states to establish captive insurance legislation, Tennessee is now a first choice for new captive insurance company formations—or those looking to redomesticate their captive. Today, over 500 active risk-bearing entities (163 captive insurance companies, 342 protected cells) call Tennessee Home.

They chose Tennessee because...
Property Hard Market
Expected to Continue
Property markets will remain hard with no softening in the foreseeable future, while in primary casualty lines, renewals remain largely flat except for challenged classes such as heavy auto-exposed and trucking, according to a report from Amwins Group Inc.
Need More Captive Education?
Conferences
Check out the Captive
Calendar of Events
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Captive Claim Highlight
Client Profile
Industry: Food & Hospitality
Specialty:  Dining Service, Micro Markets, Coffee Service and Vending Provider
Location: Nevada
Claim Information
Description:  A complaint was filed by an ex-employee against one of our Insureds with the Civil Rights Commission and Equal Employment Opportunity Commission. The complaint alleged retaliation and wrongful termination. After defending the complaint for some time, the Insured, at the advice of their counsel, opted to enter into a settlement agreement in order to stop incurring legal expenses. Notably, the settlement agreement included language which indicated that the Insured did not admit to any wrongdoing. Through their Captive Actual Net Loss Insurance Policy "Employment Practices Liability" coverage, the Insured was able to receive reimbursement for the amounts paid for legal fees and the settlement.
Line of Coverage:  Employment Practices Liability
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $135,000.
*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.
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April
Happening This month:

4/1: April Fool’s
4/2: Autism Awareness
4/5: Passover Begins
4/7: Good Friday
4/9: Easter
4/11: Nat’l Pet Day
4/12: Nat’l Grilled Cheese Day
4/13: Passover Ends
4/18: Tax Day
4/22: Earth Day
4/26: Admin Professionals Day
4/28: Arbor Day
This Month is Observed as:

National Poetry Month
National Autism Awareness
National Donate Life Month
Financial Literacy Month
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North Carolina Bill to Extend Redomestication Premium Tax Exemption
Legislation recently introduced in North Carolina would extend a now expired 2-year exemption from state premium taxes for captive insurance companies that redomesticate to North Carolina.
Why Form a Captive?
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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
     (1-833-872-2784)
Fax: 888-929-6565