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February 2024 Edition

Another election year has officially kicked off! If you are like me, you can't wait until November 6th comes and it's all over.


As we start the new year, now is a great time to review your client's business plan. While doing so take a look at how they might benefit from implementing a Captive Insurance company. 


Also, this is the start of the captive conference season. These are great events where you can learn more than you ever want to know about captives. If you can't make any of these conferences, please reach out to me, and I can go over all the new information over a cup of coffee or round of golf!


Keep in mind; we provide education and teaching for CPAs, financial advisors, tax & estate attorneys, business owners, and others about the benefits of captive insurance. If you would like for us to talk to your firm, clients, group, or you know someone who could benefit from implementing a Captive, please give me a call today.


If you have any questions regarding captive presentations or other captive insurance matters, please contact me.


Sincerely,

Larry Papola
Lawrence J. Papola, Jr.
President
1-833-US-CAPTIVE
(1-833-872-2784)

Commercial Insurance Rates

Rise 5.6% in Q4

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U.S. commercial insurance rates rose 5.6% on average in the fourth quarter and 4.6% for all of 2023, insurance exchange MarketScout Corp. reported Friday.

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Captive Education

Conferences & Webinars

Check out the Captive

Calendar of Events

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Events & Webinars

Nevada Licensed 26 New Captives

Most of Them Cell Captives—in 2023

Of the 26 new captive insurance companies, 19 were protected cell captives, 5 were pure captives, 1 was an association captive, and 1 was a sponsored captive, according to the Nevada Department of Insurance.

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Captive Claim Highlight

Client Profile

Industry: Banking
Specialty:  Investment Management Firm
LocationConnecticut

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.
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Happening This month:


2/2: Groundhog Day / National Wear Red Day

2/4: World Cancer Day

2/9: National Pizza Day

2/11: Super Bowl Sunday

2/14: Valentine’s Day

2/19: President’s Day

2/20: National Love Your Pet Day


This Month is Observed as:


Black History Month

American Heart 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.

Captives 101

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...
Ask The Expert!
48 South Service Road
Suite 400
Melville, NY 11747

Office: 1-833-US-CAPTIVE
     (1-833-872-2784)
Fax: 888-929-6565
 

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