April 2024 Edition

Ahh, I survived another April Fools Day without taking the bait, and I hope you did as well.

In other good news, congratulations to Amy Funderburk in her new role at the North Carolina DOI. Also, big kudos to Tennessee for their impressive 37% increase in captives for 2023!

Finally, take a look at our Captive Highlight this month. This client's Captive Actual Net Loss Insurance Policy "Business Interruption" coverage covered his $17,000 loss. Hopefully, that will be the last snowstorm of the year!!

Please contact me if you have any questions regarding 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)

North Carolina DOI Appoints New General Counsel

MJ_legal_folder_and_briefcase_on_a_table_in_courtroom image

Amy Funderburk has been appointed as the new general counsel at the North Carolina Department of Insurance (DOI).

Ms. Funderburk has previous experience in various roles within North Carolina state government, including deputy counsel for the Administrative Office of the Courts and Clerk of Court for the NC Supreme Court. Her most recent position was as corporate secretary and senior counsel for the North Carolina State Employees' Credit Union.

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Tennessee Grows Captive Count in 2023

Tennessee licensed 25 new captives in 2023, as well as 66 new cell captives, bringing its captive count to 164 active captives and 555 active cell captives, marking a 37 percent overall rise in its number of risk-bearing entities.

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Captive Claim Highlight

Client Profile

Industry: Professional Services

Specialty: Full Service Electrician

Location: Virginia

Claim Information

Description: One of our Insureds had business operations and supply deliveries interrupted for a day due to a snowstorm. This break in business caused roughly $17,000 in lost revenue, a typical day's income. Through their Captive's Actual Net Loss Insurance Policy "Business Interruption" coverage, they were able to recover their day's loss.

Line of Coverage: Business Interruption

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $17,000.

*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:

4/2: Autism Awareness

4/3: National Walking Day

4/11: National Pet Day

4/12: National Grilled Cheese Day

4/15: Tax Day

4/22: Earth Day

4/24: Admin Professionals Day

4/26: Arbor Day

This Month is Observed as:

National Poetry Month

National Autism Awareness

National Donate Life Month

Financial Literacy 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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Suite 400

Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 888-929-6565