OBFS PowerPoint Presentation Template 2017
Traditional Insurance and Captives CRAIG M. COLLINS P R E S I D E N T, O N E B E A C O N F I N A N C I A L S E R V I C E S
June 2017
©2017 : OneBeacon Insurance Group LLC
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Captive Insurance does not replace or compete with Traditional Insurance
©2017 : OneBeacon Insurance Group LLC
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Traditional Insurance Coverages Related to Captives ▪ General Liability
▪ Property ▪ Auto ▪ Financial Institution Bond
▪ Professional Liability ▪ Directors and Officers Liability ▪ Employment Practices ▪ Fiduciary ▪ Cyber
©2017 : OneBeacon Insurance Group LLC
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How Traditional Insurance can work with a Captive ▪ At the Bank’s request, a traditional insurer can: ▪ Provide the captive with a notification of claim payment that will
show: ▪ The deductible or retention that the bank paid on the claim. ▪ The coverage triggered by the claim. ▪ The amount of the loss that was not covered by traditional insurance. ▪ Confirmation that the loss exceeds the underlying insurance.
©2017 : OneBeacon Insurance Group LLC
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A Notice of Claim Payment received directly from a Traditional Insurer can work as a “proof of loss” replacement for the Captive. This can simplify and expedite reimbursement payments from the Captive to the Bank.
©2017 : OneBeacon Insurance Group LLC
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©2017 : OneBeacon Insurance Group LLC
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June 2017
©2017 : OneBeacon Insurance Group LLC
|1
Captive Insurance does not replace or compete with Traditional Insurance
©2017 : OneBeacon Insurance Group LLC
|2
2
Traditional Insurance Coverages Related to Captives ▪ General Liability
▪ Property ▪ Auto ▪ Financial Institution Bond
▪ Professional Liability ▪ Directors and Officers Liability ▪ Employment Practices ▪ Fiduciary ▪ Cyber
©2017 : OneBeacon Insurance Group LLC
|3
How Traditional Insurance can work with a Captive ▪ At the Bank’s request, a traditional insurer can: ▪ Provide the captive with a notification of claim payment that will
show: ▪ The deductible or retention that the bank paid on the claim. ▪ The coverage triggered by the claim. ▪ The amount of the loss that was not covered by traditional insurance. ▪ Confirmation that the loss exceeds the underlying insurance.
©2017 : OneBeacon Insurance Group LLC
|4
A Notice of Claim Payment received directly from a Traditional Insurer can work as a “proof of loss” replacement for the Captive. This can simplify and expedite reimbursement payments from the Captive to the Bank.
©2017 : OneBeacon Insurance Group LLC
|5
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©2017 : OneBeacon Insurance Group LLC
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