September 2023 Edition
In light of the hurricanes that hit California and this week in Florida, now is a great time to take a closer look at your risk management objectives. At U.S. Captive Partners & Associates, our clients are already well-positioned in their coverage for 2024. Our proprietary turn-key system ensures our clients never miss a beat when it comes to their protection. 

If you have not met with us yet or know someone who can benefit from a captive, here are some questions to think about before 2024 gets here:

1. If you have not started thinking about your risk management objectives, you need to begin today. Clients are always amazed at how much risk they really have once they write them down.

2. What are everyone's schedules between now and the end of the year? If the decision maker or their advisor is unavailable, it can slow or even stop the process altogether.

3. Make sure EVERYONE, especially the decision maker, is made aware and understands the steps necessary for implementing the captive.

4. Once our team gets involved, our turn-key system involves processes that must be addressed at certain stages. It is critical to respond quickly so we can meet the year-end deadlines.

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.
Vermont Maintaining Strong Pace of New Captive Formations
After licensing 22 new captive insurance companies during the first half of this year, that growth is expected to continue, Vermont captive regulators say.
85% of Cybersecurity Leaders Say Recent Attacks Powered by AI
CFOs who have been directed to embrace new tools, such as generative AI, should be aware of the cybersecurity ramifications that may accompany the integration of these technologies. Amid the hype around generative AI, the benefits this new technology can bring to nearly every facet of an organization are being identified and strategized around by leadership across industries. These initiatives, driven in part by the elimination of redundancies, increase in employee morale, and access to better data, have seldom mentioned how bad actors can leverage these new technologies to commit fraud and cybercrime — until now...
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Captive Claim Highlight
Client Profile
Industry: Retail/Wholesale
Specialty:  Tile Sales
Location: New York
Claim Information
Description:   Our Insured received a cease and desist letter from a competitor alleging that the Insured was infringing upon their copyright on a collection of tiles. The competitor later filed suit against our Insured. Through the litigation process, the Insured was successful by way of a Motion for Summary Judgement which confirmed that the Plaintiff lacked standing because it did not own an exclusive right in the Copyrights when it filed suit. However, the Insured incurred legal expenses to defend against the suit. Through their Captive Actual Net Loss Insurance Policy "Intellectual Property" coverage, the Insured was able to receive reimbursement for their legal expenses.
Line of Coverage:  Intellectual Property
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $240,000.
*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.
Happening This month:

9/4: Labor Day
9/5: Int’l Day of Charity
9/8: Int’l Literacy Day
9/10: Suicide Prevention Day/ Grandparents Day
9/11: Patriot Day
9/17: Constitution/Citizenship Day
9/21: Int’l Day of Peace
9/23: Fall Begins
9/26: Nat’l Pancake Day
9/27: Nat’l Chocolate Milk Day
9/28: National Good Neighbor Day
9/29: Nat’l Coffee Day
This Month is Observed as:

Nat'l Preparedness Month
Childhood Cancer Awareness Month
National Suicide Prevention Awareness Month
National School Success 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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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:
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Melville, NY 11747

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