With Thanksgiving coming this week, I want to thank you all for being our clients, partners and friends. I am also thankful I am part of an industry that protects people and companies from risks. Plus, I get to take you all to play a round or two of Golf each year!!

I hope you are enjoying our new Captive Claim Highlight section. We have received great feedback and will continue bringing these cases to you each month. I like hearing your feedback, so please drop me a line or give me a call if you have any suggestions or questions for The Captive Tribune.

And as always, if you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website.

Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
November Captive Claim Highlight
Client Profile
Industry: Business Services
Gross Revenue:  $80,000,000
Location :  New Jersey
Claim Information
Description: Our client's company was mentioned in a scandalous accusation of another individual. Due to this association, two of the client's customers wrongfully terminated their contracts and the insured incurred other substantial losses. The lost revenue and expenses associated with clearing the company's name were covered through their Oxford policy Reputational Risk coverage. 
Line of Coverage:  Reputational Risk
This line of coverage was elected for coverage by the client under Oxford’s policy. This resulted in a claim payment amount of approximately $225,000. *
WTW Seeing Biggest Upward Price
Shift in Years
North American commercial insurance buyers will face sizable price increases in 2020 across most lines of insurance, according to the 2020 Insurance Marketplace Realities report by Willis Towers Watson (WTW). While WTW reports that capacity is available in all but the most challenged lines, underwriters are showing unprecedented discipline in its deployment, especially for risks they find perilous.

November 2019 Calendar
pumpkin_on_a_leaf.jpg
NOV 11:  Veterans Day
NOV 13: World Kindness Day
NOV 28: Thanksgiving Day
NOV 29: Black Friday
NOV 30: Small Business Saturday
DEC 2:  Cyber Monday
DEC 3: Giving Tuesday
November is Observed as:
Nat'l Diabetes Month
Lung Cancer Awareness Month
Nat’l Adoption Month

Liberalizing Market Trends Spreading Across the US
Vermont continues to lead in the captive market but must keep up with liberalizing market trends spreading across the US

Vermont is a major hub for captive insurance—the largest captive insurance domicile in the US and the third biggest in the world in terms of the number of active captives.

Vermont has 1,137 total captive licences overall, with 558 active captives. Vermont licensed 25 new captives in 2018 and had 24 new captives licensed in 2017, showing its continued growth.

Ian Davis, director of financial services at the Vermont Department of Economic Development, says: “We are very proactive in terms of our marketing, communications and outreach efforts. The aim, ultimately, is to help ensure that the captive concept is well understood and communicated, including the benefits of being in a reputable onshore jurisdiction like Vermont.”

NCDOI: Ongoing Regulation of
Licensed Captive Insurance Companies is the Domicile’s Primary Focus
Debbie Walker of NCDOI explains why ongoing regulation of licensed captive insurance companies is the domicile’s primary focus

Earlier this year, it was reported that North Carolina was planning a captive amendment, known as HB 220, are there any updates on this? What opportunities will the amendments provide?

The North Carolina general assembly had a significant amount of insurance legislation to consider during this year’s legislative session. It was determined that the timing of the captive insurance legislative proposal was not the best and would instead be proposed later. The North Carolina Department of Insurance (NCDOI) has begun its internal evaluation of the legislative amendments, including captive insurance proposals, that should be considered during the short legislative session in 2020.


485 Underhill Blvd.
Suite 101
Syosset, NY 11791

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