Contractor's Liability
Capital Security Ltd.(Bermuda) offers 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 cell account protected by an Act of Parliament in Bermuda.
A policy will be issued by our Bermuda Company 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, Universal will enter into a reinsurance agreement with such a company so meet that requirement.
The funds in the Bermuda segregated cell accrue interest applicable 100% to that cell. There are no taxes in Bermuda.
Upon renewal, funds in the cell can be rolled into a new policy; or, used for other purposes.
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Claims Adjustment?
The Contractor has the ability to select an adjuster based on this field of insurance. If the adjuster does not meet expectations, the Contractor can make a change.
The Contractor and adjustor submit claims and they are paid from the segregated cell funds.
Collateral Alternative Policy from Our Bermuda Company
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Insured or Program Manger pays premium to Capital Security.
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Capital Security issues policy to Insured's assuming liability.
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Letter of Credit is sent to issuing carrier satisfying collateral requirement.
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Insured's funds placed in a segregated cell bank account.
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All investment income accrues to account.
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Eliminates the need to draw down on Line of Credit or arrange for a Letter of Credit.
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Uni-Med Program
UniRisk has developed a plan for a Professional/Medical/General Liability Program – Uni-Med.
This plan focuses on those insured’s that are able to assume a significant amount of risk. All policy limits will be fully funded into Capital Security Ltd which is a multi-line insurance company in Bermuda. Capital Security Ltd is regulated by the Bermuda Monetary Authority.
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"Individuals form businesses in pursuit of unlimited income and vacation potential The alternative markets allows these same businesses access to unlimited creativity while maintaining independence and control in addressing their risk management and insurance needs. “
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