April 2021 Edition
Happy Easter and Happy Passover!!

As we head through April, now is an excellent time to be thinking about the advantages of a Captive for you or your client's company. As I talk to future clients (business owners, P&C companies & CPAs) worldwide, many have no idea about this risk management tool, which has been at their disposal for a long time.

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...

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.
Most Commercial Lines Continued To See Premium Increases in February
Nearly all commercial insurance lines continued to see year-over-year premium rate increases in February, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Year over year, all lines of commercial insurance business experienced increases in the average premium renewal rate in February 2021 except workers' compensation, which saw a decrease in premium. 
North Carolina Proposes Changes to Premium Tax Paid by Captives
North Carolina has introduced a captive bill, which includes two proposed changes affecting the premium tax paid by captive insurers.

Senate Bill 37, introduced on 24 March, has three primary sponsors, Senators, Todd Johnson, Tom McInnis and Chuck Edwards.

It has been referred to the Senate Committee on Commerce and Insurance, where the three Senators are also the co-chairs of the Commerce and Insurance Committee.
Captive Claim Highlight
Client Profile
Industry: Banking
Specialty: Investment Management Firm
Location: Connecticut
Claim Information
Description: One of our Insureds was issued an Information Document Request (IDR) from the Internal Revenue Service (IRS) for one of their benefit practices. Through their Captive's Actual Net Loss Insurance Policy "Administrative Actions" coverage, the Insured was able to recoup “extra expenses” associated with this document request.
Line of Coverage: Administrative Actions
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $5,000.
*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 in 2021
APR 1: April Fool’s
APR 2: Autism Awareness/Good Friday
APR 4: Easter
April 8: Holocaust Remembrance Day
APR 7: World Health Day
APR 15: Tax Day
APR 12: National Grilled Cheese Day
APR 21: Administrative Professionals Day
APR 22: Earth Day
APR 30: Arbor Day
This Month is Observed as:
National Poetry Month
National Autism Awareness
National Donate Life Month
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:
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