CIG offers a comprehensive feasibility analysis designed to analyze your current coverage and determine risks that are uninsured or underinsured. In essence, we take a look at all of your coverage and lay everything out on the table to be analyzed. By doing this, we can achieve a clear picture of who you are, where you’re at and where you’ll need to go to accomplish your goals.
Some of the things we consider during the audit include:
Are you carrying uninsured risk?
Are there existing unwanted exclusions in your current policies?
Do you have previously identified risks that you’ve chosen not to insure and if so – what are the implications?
Making sure we have as much information as possible helps us make the best, most informed recommendations. With that information, we’ll be able to consult with you personally on what steps need to be taken or what kinds of solutions and strategies can be deployed to help cover the identified gaps.
After our feasibility analysis, we provide you with a with a detailed 10-year proforma as well as a list of potential lines of coverage that could be placed into you your captive. All of this work is done for your business free of charge, as we want you to have a detailed understanding of the captive insurance program before you spend a penny.
We engage a professional 3rd party actuarial firm to perform an in depth analysis of your business. The actuarial firm will participate, along with us, in an underwriting meeting where we work to understand all areas of risk exposed in your business, as well as the current and future financial estimates of your company.
We will then provide you with the actuarial report which lists the lines of coverage, premium levels, and risk levels at the most granular level. We walk you through this analysis to assure that you have an understanding of all potential coverages and guide you through the selection process.
Forming a captive insurance company can be a complex undertaking, and there is a lot to consider. CIG takes the worry out of this process by providing you with the guidance and advice you’ll need to stay in compliance with regulatory, corporate and tax requirements. CIG takes care of formation applications, business plan changes, incorporation articles and bylaws, Tax ID numbers, payments and other reporting documentation.
We work directly with your commercial insurance broker, as well as your financial advisor to assure that your needs are met and that the process is seamless. With our years of experience and relationships with the department of insurance, we can work effectively and efficiently to have your captive insurance company up and running.
Our annual maintenance and management of the captive insurance company is “turn key”and includes the following:
Compliance with all regulations
Record keeping for the insurance company throughout the year
Annual tax return filing
Audit performed by external audit firm
Calculation and payment of all premium taxes
Annual actuarial premium review through 3rd party actuarial firm
Handling of all claims through 3rd party claims adjudication firm