June 2024 Edition

Summer is coming, and Hurricane Season is here, but cyber risk is a potential every hour of every day of the year. I brought these to your attention this month because they are all associated with risks that can happen in the matter of an instance.

The heat of Summer can be brutal to equipment, your building's HVAC, and employees who work outdoors. Hurricanes can make a sudden turn and make landfall in unprepared locations. Finally, cybercriminals are constantly attacking your servers with robots. Ticketmaster just got breached the other day, and you can imagine how much they spend on cyber security.

Your captive insurance company is here to protect you from these events. You can go back to the previous Captive Claim Highlights we published each month and see how valuable this coverage is to your business.

Please get in touch with me if you have questions about forming a captive or other captive insurance matters.

Sincerely,

Larry Papola

Lawrence J. Papola, Jr.

President

LPapola@US-Captive.com

1-833-US-CAPTIVE

(1-833-872-2784)

Reframing Cyber Risk:

Opportunity or Serious Threat?

The perception of cyber-risk threats has significantly amplified in today's dynamic global risk landscape, at times painting a picture of imminent digital disaster, says global insurer Howden.

Keep Reading

Captive Education

Conferences & Webinars

Check out the Captive

Calendar of Events

Events & Webinars

VCIA Conference 2024

Join us August 12 – 14th

The VCIA Annual Conference is one of the captive industry’s most well respected and popular events. Known for its high quality captive education and excellent networking opportunities, this signature event is in its 39th year, and we are thrilled to deliver you the ultimate captive conference summer time experience in beautiful Burlington, Vermont!

Event Details

Well-Above-Average Hurricane Season May Not Mean Higher Insured Losses

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Forecasters predict the Atlantic hurricane season, which officially starts June 1, will see well-above-normal activity, but whether that will equate to higher insured losses depends on multiple factors, with landfall location being a top indicator.

Keep Reading

Captive Claim Highlight

Client Profile

Industry: Real Estate

Specialty: Real Estate & Property Management

Location: Florida

Claim Information

Description: One of our Insureds manages real estate properties and had to terminate a subcontractor relationship due to non-completion of work, insufficient workmanship, and an inability to properly complete repairs. To compensate for the abrupt termination of the relationship, the Insured had to hire a last minute contractor at an additional expense. With their Captive's Actual Net Loss Insurance Policy "Subcontractor Default" coverage, they were able to recoup the extra expenses due to the contract termination.

Line of Coverage: Subcontractor Default

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $60,000.

*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:

6/5: World Environment Day/Global Running Day

6/7: Nat’l Chocolate Ice Cream Day/ Nat’l Donut Day

6/8: World Oceans Day / Nat'l BFF Day

6/14: Flag Day

6/16: Father’s Day

6/20: American Eagle Day/ Summer Solstice

6/21: Take your Dog to Work Day

This Month is Observed as:

National Safety Month

Men’s Health 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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48 South Service Road

Suite 400

Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 1-888-929-6565

Reframing Cyber Risk:

﻿Opportunity or Serious Threat?

Well-Above-Average Hurricane Season May Not Mean Higher Insured Losses

Opportunity or Serious Threat?