LAS VEGAS, NV / ACCESSWIRE / December 9, 2019 / Las Vegas, Nevada based Talisman Casualty Insurance is convinced that Captive Insurance is an alternative to self-insurance that can provide cost benefits for SMEs that may otherwise find sourcing traditional insurance a challenge. This challenge might be due to either rising costs or insurers’ slow response to market changes. In Captive Insurance, parent groups create a licensed insurance company to provide cover for themselves.
Captive Insurance initially gained popularity with big corporations; many Fortune 500 companies use it as an alternative to the inflexibility of the traditional commercial insurance market. A strong case is made by Talisman Casualty Reinsurance that this method of insurance can be of benefit to smaller industries too, and one market that they are keen to focus on is the marine insurance market.
Several aspects of the marine industry make it likely that these businesses would find it difficult to manage soaring insurance costs in current times. Therefore, they are likely to find benefit from Captive Insurance. Broadly, there are three areas of risk, physical property, such as the boat or hull; the liability for people, passengers, employees, third parties and accidents; and the goods carried, or cargo of the vessel. It is notable that all these areas have seen extremely high claims in recent years, which in turn has led to many insurers abandoning the market. For example, recent Hurricanes Irma and Maria caused the loss of hundreds of hulls, sailing boats and yachts.
With much of the world agreed on the realities of climate change, scientific predictions used by insurers are forecasting an increase in extreme weather events. Again, the disaster in the Port of Tianjin, China caused a loss of ships, cargo, and 173 lives, encompassing nearly all the various risks that this industry is exposed to. There are also other factors at play; another fact acknowledged by many industry-watchers is that, across the world, cargo fleets are aging. These aging fleets are another significant factor that feeds into higher premiums and the general difficulty of obtaining insurance in a wary market.
Talisman Casualty Reinsurance holds the view that the Marine Market continues to remain under pressure to lower costs in order to stay competitive. They believe that Captive Insurance will provide the flexibility that readjusting risk management methods and cost will require.
The company was recently featured on Street Insider, where their spokesman said, “We believe it is time for business owners to take control of their business and protect themselves against emergencies. Many now feel that their needs are not addressed by traditional insurance offerings, and they are looking for self-insurance options to address their specific needs at a price point their business can afford. We find that many firms come to us because they must self-insure risks that are being excluded from their general liability policies…”
The firm emphasizes that they offer a product of benefit to operators in the marine market due to just such exclusions, believing their approach via Captive Insurance can lead to real savings for companies with an established track record as well as proven and documented safety procedures.
Talisman Casualty Reinsurance says, “Taking control of business cost sometimes means taking the route that is less traversed. In the modern world, things change so quickly, and your insurance doesn’t have to be left behind.”
They continue, “The Marine Program focuses on the small to medium-sized marine accounts and provides Maritime Employers Liability (MEL), Hull and Protection & Indemnity (Hull / P&I) and Comprehensive General Liability (CGL) with admission into the program cell. The program philosophy is to form long term relationships with their maritime clients and understand their business, risk management practices, and business forecast so that insurance coverage can always match the fluctuating exposure. The selection of insurers is cultivated with caution and care, and the selection of claims adjusters and other service providers is done with a focus on effective and efficient client service. This strategy has led to close working alliances with the management and employees of participating accounts. Program Risk selection starts with accounts familiar to the group, and then involves partnering only with the quality insurer’s who have demonstrated sound management and safety practices.”
Those interested in Talisman casualty licensing and insurance can visit their website or contact them via phone or email to learn more For marine businesses looking for insurance, this route may give them some alternative options from their usual insurers. All coverage provided by Talisman is commercial and is only available to those businesses who participate in an underwriting cell.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117
SOURCE: Talisman Casualty Insurance Company
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