Contractor's Liability

Our programs offer Building Contractors the ability to fully fund the needed limits of liability on a manuscripted policy designed for their own needs.  By fully funding the limits, the frictional expenses are minimized and the vast majority of the premium paid are for the actual claims.

How does it work?

The amount of the Annual Aggregate policy limit that is required by the Contractor's certificate holders (i.e. $2,000,000) is sent to our Bermuda company The $2,000,000 is deposited in a Segregated Account protected by an Act of Parliament in Bermuda.

We will issue a policy based on the manuscripted wording supplied. Certificates are then issued off of this policy.  Should it be necessary to issue a policy from a U.S. Rated company, we will enter into a reinsurance agreement with such a company so as to meet that requirement.

The funds in the Bermuda Segregated Account accrue interest income applied 100% to that account.  There are no taxes in Bermuda.

Upon renewal, funds in the cell can be rolled into a new policy; or, used for other purposes.

Claims Adjustment?

The Contractor has the authority to select an adjuster based on its abilities in this field of insurance.  If the adjuster does not meet expectations, the Contractor can make a change.

The Contractor and adjustor submit claims to Universal who, in turn, draws on the segregated cell funds and remits for payment.

 

Workers’ Compensation Large Deductible Policies

Our many years of working with “partner” Admitted Carriers, on our Alternative Risk and Rent-A-Captive programs, gives us access to some quality Carriers who will provide Large Deductible policies.

Generally speaking, the following are requirements:

• A minimum of $800,000 in Modified Standard Premium.
• Minimum deductible $250,000
  
• No Hazard Group 4 accounts
  
• Certain other classes excluded

If you have an account that meets these criteria and are the current broker of record for that account give me a call or send me a fax or e-mail so we can review. You will remain the broker of record should we successfully help you place the business.

Additionally!

We have an alternative method of dealing with the Collateral/Letter of Credit issue involved with Large Deductible Policies. The Insured can reap significant benefits and avoid involving their banking sources. This can be utilized with any line of coverage requiring securitization.

 

“When a client seeks to capture the underwriting
profits and investment income, normally gained by the insurer, we can provide such a program  in the most tax efficient manner”.