Self-insurance and similar schemes have been around for centuries, but there are more modern alternatives that frequently make more sense. So-called “captive” insurance arrangements see an insurer being created specifically to provide coverage to a designated group of parties that also own it. In addition to protecting those organizations or individuals from targeted types of losses, a captive insurer will also provide them with the benefit of its profits, if any.
Setting up a legally compliant captive insurer, though, is every bit as complex as might be expected. Having a Captive Insurance Attorney in Kailua-Kona HI like one of those at Goodsill Anderson Quinn & Stifel handle all the details will always be the best way to proceed.
A Specialized Form of Insurance That Can be the Perfect Solution
Corporations and other types of companies do not always find themselves having access to insurance that suits their needs precisely. Particularly when a number of them join forces, the scales typical of some businesses can make certain types of self-insurance appropriate.
Conventional self-insurance strategies revolve around contractual agreements, often supplemented with the services of disinterested third parties. Another option is to incorporate an insurance company whose mission will be confined to serving the interests of its founding stakeholders.
Such a captive insurance company can end up being precisely the key needed to open a particularly important door. A captive insurance company can be operated and managed so as to best serve the interests of its owners at all times.
Effective Help With Setting Up and Managing Captive Insurance Companies
Taking advantage of this specialized form of insurance requires paying close attention to all the associated legal requirements and restrictions. Getting in touch with a Captive Insurance Attorney in Kailua-Kona HI will always be the best way for local businesses or groups to get the process started.
As a visit to a site like goodsill.com will show, there are a variety of advantages that can be enjoyed by groups that set up captive insurance companies of their own. In addition to enabling the benefits normally associated with self-insurance, a captive insurer will be able to serve its owners in a variety of other frequently significant and even profitable ways.