February 2021 Edition
As we move into February, it looks like 2021 is going to be another exciting year. I am happy to report; Our clients had a very successful 2020. One of the reasons we like to believe is they took our advice and reviewed their business plan early in 2020.

As we start the new year, You can see from the article below that Commercial insurance rates continue to rise. Again, now is an excellent time to review your business plan and see how you might benefit from implementing a Captive Insurance company.

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

Larry Papola
Lawrence J. Papola, Jr.
Commercial Rates Still Rising
Commercial property policyholders can expect upward pressure on rates and restrictive terms and conditions to continue through 2021, though there are some early signs that the market may be moderating, brokers say.

However, risk managers say they have yet to see any easing in the hard market.

Jan. 1 renewals saw ongoing price increases for property accounts, but the magnitude of increases varied, depending on individual account experience and loss history, brokers say.
Arizona Licenses 12 Captives in 2020, Bringing State's Total to 131
Arizona licensed 12 captive insurance companies in 2020, with captive regulators expecting formations to continue to increase this year.

"We expect growth to continue in 2021, with the hardening market a major factor in that growth," said Vincent Gosz, chief captive analyst with the Arizona Department of Insurance in Phoenix.
Captive Claim Highlight
Client Profile
Industry: Food and Hospitality
Specialty: Franchisee Owner
Location: Connecticut
Claim Information
Description:  An Insured purchased a chain restaurant and shortly thereafter discovered a bug infestation. The problem was exacerbated when local media broadcasted the news. This negative media caused a reduction in sales and a loss of income. Through their Captive's Actual Net Loss Policy's "Reputational Risk" coverage, the Insured was able to recoup some of the lost revenue due to this event.
Line of Coverage: Reputational Risk
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $136,000.
*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.
February 2021 Calendar
Feb 2: Groundhog Day
Feb 4: World Cancer Day
Feb 5: National Wear Red Day
Feb 7: Super Bowl Sunday
Feb 9: National Pizza Day
Feb 14: Valentine’s Day
Feb 15: President’s Day
Feb 17: Ash Wednesday
Feb 20: Love Your Pet Day
February is Observed as:
Black History Month
American Heart Month

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