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As a contractor, you may be wondering if a captive is right for you, as they have recently been gaining in popularity. However, captives are not a new invention and were created in 1962.
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Have you considered self-insurance as an option for your company’s risks? Self-Insurance plans are when the insured takes the risk on themselves but can decide the level of risk they want to take on. Let’s examine two of the most common self-insurance plans:
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Topics: Captive, Alternative Risk Financing, Self-Insurance
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Due to the 1985 hard insurance market, Congress passed the Liability Risk Retention Act of 1986. The act allowed the authorization to purchase group insurance programs for specific liability exposures. This made it much easier for members of a particular group or industry to establish alternative risk financing alternatives, such as Captives, SIR’s, and Risk Retention Groups (RRGs).
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Topics: Construction Risk Management, Alternative Risk Financing
