DOCSLIB.ORG

Our Remuneration – General Insurance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Our Remuneration – General Insurance Our Remuneration – General Insurance First Ireland Risk Management Ltd act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business. The Background Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers. What is Remuneration? Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the premium or value of the products sold. What is Commission? Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer. There are different types of remuneration and different commission models: Single Commission Model: Where payment is made to the intermediary shortly after the transaction is completed and is based on a percentage of the premium paid/amount invested/amount borrowed. Indemnity Commission: Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned. General Insurance Products General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single commission model, based on the amount of premium charged for the insurance product. Profit Share Arrangements In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account. Other Special Arrangements From time to time First Ireland may offer discounts to their clients. At present we have an arrangement with Patrona Underwriting Ltd which allows us to offer a year one discount to clients or a renewal retention discount. This is provided for by funds made available by Patrona, Limits are applied. 1 V20. 20.09.2021 Clawback Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a transaction is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer. Other Fees, Administrative Costs/ Non-Monetary Benefits The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as: Attendance at product provider seminars Assistance with Advertising/Branding Attendance at product provider seminars Industry Educational Seminars Use of Product Providers resources Co-branded literature Product Provider hospitality Assistance with Advertising/Branding Commission Arrangements The enclosed commission guidance section gives indicative values across every product provider and every product advised whereby a commission is received within our business. This is the maximum our Brokerage may receive and is subject to change. We may receive a lower remuneration than the enclosed percentages/amounts. Maximum Product Provider Policy Type Commission Rate Accident and General Trailer 25.00% Accident and General Travel 25.00% AIG Europe S.A Agricultural Vehicle 5.00% AIG Europe S.A Car Hire Excess/Gadget/Wedding 25.00% AIG Europe S.A Commercial Combined 25.00% AIG Europe S.A Computer 15.00% AIG Europe S.A Contractors All Risks 15.00% AIG Europe S.A Cyber Liability 20.00% AIG Europe S.A Directors & Officers Liability 20.00% AIG Europe S.A Employers Liability 6.00% AIG Europe S.A Engineering Inspection 15.00% AIG Europe S.A Environmental Liability 17.50% AIG Europe S.A Excess Liability 10.00% AIG Europe S.A Fire & Perils 12.00% AIG Europe S.A Fleet 5.00% AIG Europe S.A Goods In Transit 18.00% AIG Europe S.A Horse 15.00% AIG Europe S.A Household 25.00% AIG Europe S.A Marine 20.00% 2 V20. 20.09.2021 Maximum Product Provider Policy Type Commission Rate AIG Europe S.A Motor Contingency 15.00% AIG Europe S.A Motor Cycle 10.00% AIG Europe S.A Motor Insurance 10.00% AIG Europe S.A Motor Traders Internal Risk 5.00% AIG Europe S.A Personal Accident & Travel 20.00% AIG Europe S.A Products Liability 10.00% AIG Europe S.A Professional Indemnity 17.50% AIG Europe S.A Property Damage 10.00% AIG Europe S.A Public Liability 10.00% AIG Europe S.A Shop 15.00% AIG Europe S.A Sports Liability 12.50% AIG Europe S.A Terrorism 15.00% AIG Europe S.A Trailer 25.00% AIG Europe S.A Transit Liability 12.00% AIG Europe S.A Travel 25.00% AIG Europe S.A. Rapidcover Commercial Combined 20.00% AIG Europe S.A. Rapidcover Cyber Liability 25.00% AIG Europe S.A. Rapidcover Directors & Officers Liability 20.00% AIG Europe S.A. Rapidcover Excess Liability 22.50% AIG Europe S.A. Rapidcover Office 20.00% AIG Europe S.A. Rapidcover Professional Indemnity 22.50% AIG Europe S.A. Rapidcover Property Owners 20.00% AIG Europe S.A. Rapidcover Public Liability 20.00% AIG Europe S.A. Rapidcover Shop 20.00% Aiken Insurances Limited Commercial Combined 15.00% Aiken Insurances Limited Excess Liability 15.00% Aiken Insurances Limited Financial Lines 10.00% Aiken Insurances Limited Household 10.00% Aiken Insurances Limited Marine 15.00% Aiken Insurances Limited Motor Insurance 5.00% Aiken Insurances Limited Property Damage 15.00% Aiken Insurances Limited Property Owners 10.00% Alan Tierney & Partners Ltd Commercial Combined 10.00% Allianz Plc. Accidental Damage Fire & Theft 10.00% Allianz Plc. Agricultural Vehicle 5.00% Allianz Plc. Apartment Block 17.50% Allianz Plc. Bonds 10.00% Allianz Plc. Caravan/Mobile Home 15.00% Allianz Plc. Commercial Combined 15.00% Allianz Plc. Computer 15.00% Allianz Plc. Contractors All Risks 15.00% Allianz Plc. Employers Liability 6.00% 3 V20. 20.09.2021 Maximum Product Provider Policy Type Commission Rate Allianz Plc. Engineering 15.00% Allianz Plc. Engineering Inspection 15.00% Allianz Plc. Fire & Perils 15.00% Allianz Plc. Fire Only 15.00% Allianz Plc. Fleet 5.00% Allianz Plc. Holiday Home 15.00% Allianz Plc. Horse 15.00% Allianz Plc. Household 20.00% Allianz Plc. Marine 19.00% Allianz Plc. Marine Hull 15.00% Allianz Plc. Marine Transit 19.00% Allianz Plc. Motor Contingency 15.00% Allianz Plc. Motor Insurance 5.00% Allianz Plc. Motor Traders Internal Risk 15.00% Allianz Plc. Motor Traders Road Risk 5.00% Allianz Plc. Office 15.00% Allianz Plc. Personal Accident 15.00% Allianz Plc. Products Liability 10.00% Allianz Plc. Professional Indemnity 20.00% Allianz Plc. Property Owners 15.00% Allianz Plc. Public Liability 10.00% Allianz Plc. Religious 10.00% Allianz Plc. Religious 10.00% Allianz Plc. Shop 15.00% Allianz Plc. Special Types 5.00% Allianz Plc. Sports 12.00% Allianz Plc. Trailer 24.00% Allianz Plc. Transit Liability 19.00% Allianz Plc. Travel 25.00% Amtrust Int. Underwriters Ltd. Professional Indemnity 25.00% Angel Risk Management Directors & Officers Liability 25.00% Angel Risk Management Professional Indemnity 25.00% Aquabroker Ltd. Marine 15.00% Aquabroker Ltd. Marine Hull 15.00% Aqueduct Underwriting Ltd Holiday Home 20.00% Aqueduct Underwriting Ltd Household 20.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Car Hire Excess/Gadget/Wedding 10.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Caravan/Mobile Home 15.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Combined Liability 12.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Commercial Combined 8.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Holiday Home 15.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Household 15.00% 4 V20. 20.09.2021 Maximum Product Provider Policy Type Commission Rate Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Motor Insurance 10.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Professional Indemnity 12.50% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Property Damage 15.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Products Liability 10.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Public Liability 10.00% Arachas Corp Brokers Ltd t/a Arachas, Capital IM, Covercentre Transit Liability 12.00% ARAG Legal Protection Limited Legal Expenses 25.00% ARB Underwriting Ltd. Apartment Block 12.50% ARB Underwriting Ltd. Combined Liability 15.00% ARB Underwriting Ltd. Commercial Combined 15.00% ARB Underwriting Ltd. Motor Insurance 5.00% ARB Underwriting Ltd. Motor Traders Internal Risk 5.00% ARB Underwriting Ltd. Motor Traders Road Risk 5.00% ARB Underwriting Ltd. Personal Accident 20.00% ARB Underwriting Ltd. Professional Indemnity 18.00% ARB Underwriting Ltd. Property Damage 15.00% ARB Underwriting Ltd. Property Owners 15.00% ARB Underwriting Ltd. Shop 15.00% ARB Underwriting Ltd. Travel 20.00% Ardonagh Speciality Europe t/a Bishopsgate Insurance Commercial Combined 17.50% Ardonagh Speciality Europe
Load more

Recommended publications
  • Employment Practices Liability Insurance Program EPLI
    B5848_EPLI 2/14/06 2:49 PM Page 1 For more information about EPLI … Why your firm needs Employment For instant information on the EPLI program offered through Marsh Affinity Group Services, simply visit Practices Liability Insurance www.proliablity.com/EPLI Think your firm won’t be sued by an employee for wrongful termination … You’ll be able to self-rate, apply for coverage EPLI EPLI and submit your premium payment. Or call discrimination … defamation … failure to make partner … negligent supervision … us at 1-888-601-6667. sexual harassment … or other inappropriate employment conduct? Underwritten by Lloyd’s of London Employment (underwriting syndicates 2623 and Six out of ten employers have faced 623 – Beazley Furlonge Ltd. Rated “A” by Practices employee lawsuits within the past A.M. Best) five years. Beazley / Furlonge – Lloyd’s of London These facts show Beazley Furlonge Ltd. is a large syndicate of Liability it can happen and Lloyd’s of London and a recognized world 67% of all employment cases that leader in Specialty Insurance Services. Beazley how much it will go to litigation result in a judgment for is rated “A” by A.M. Best. For more Insurance cost your firm: the plaintiff. information, see www.beazley.com. Statistics show an Edgewater Holdings Ltd. (Edgewater), a Managing General Agency and consulting Program employer is more likely The average amount paid for out-of-court firm, is a leader in the development and to have an employment settlement is $40,000. delivery of EPLI policies. claim than a property or general liability claim.* Offered by Marsh Affinity Defense of the average EPLI case, through Group Services *Society for Human trial, costs more than $45,000.
    [Show full text]
  • Fidelity Bond and Errors and Omissions Insurance
    SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE SELLER/SERVICER RISK SELF-ASSESSMENT IN THIS DOCUMENT Fidelity Bond and Errors and • Self-Assessment Checklist • Common Findings and Omissions Insurance Documentation A seller/servicer must have a blanket fidelity bond and an errors and omissions insurance RESOURCES policy in effect at all times in an amount sufficient to meet Fannie Mae’s minimum coverage requirements, maximum deductible requirements, and provision requirements. • Selling Guide A3-5-01, Fidelity Bond and Errors Omissions A fidelity bond is a form of insurance protection that covers policyholders for losses that Coverage they incur as a result of fraudulent acts by specified individuals. Errors and omissions insurance is a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions. ONE SELLER/SERVICER’S STORY It’s time to renew our professional liability insurance policy. Managing insurance is one of those routine tasks that could use a little more attention – we’ve also found that our documentation is not centralized, creating additional burden on staff to locate the policy and coverage requirements. We know it’s critical to document, monitor, and evaluate our Fidelity Bond and Errors and Omissions coverage, but where do we begin? SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE Self-Assessment Checklist REQUIRED FIDELITY BOND COVERAGE The fidelity bond coverage must be equal to a percentage of the greater of the seller/servicer’s annual total unpaid principal balance (UPB) of single-family and multifamily annual mortgage loan originations; or the highest monthly total UPB of single-family and multifamily servicing of mortgage loans that the seller/servicer owns, including mortgage loans owned by the seller/servicer and serviced by others (details below).
    [Show full text]
  • Consumers Guide to Auto Insurance
    CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU BY THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2 CRANSTON, RI 02920 TELEPHONE 401-462-9520 www.dbr.ri.gov Elizabeth Kelleher Dwyer Superintendent of Insurance TABLE OF CONTENTS Introduction………………………………………………………………1 Underwriting and Rating………………………………………………...1 What is meant by underwriting and how is it accomplished…………..1 How are rates and premium charges determined in Rhode Island……1 What factors are considered in ratemaking……………………………. 2 What discounts are used in determining final premium cost…………..3 Rhode Island Automobile Insurance Plan…………………..…………..4 Regulation of Rates……………………………………………………….4 The Tort System…………………………………………………………..4 Liability Coverages………………………………………………………..5 Coverages Other Than Liability…………………………………………5 Physical Damage to the Automobile……………………………………..6 Other Optional Coverages………………………………………………..6 The No-Fault System……………….……………………………………..7 Smart Shopping……………………………………………………………7 Shop for True Comparison………………………………………………..8 Consumer Protection Available...…………………………………………8 What to Do if You are in an Automobile Accident………………………9 Your State Insurance Department………………………………….........9 Auto Insurance Buyer’s Worksheet…………………………………….10 Introduction Auto insurance is an expensive purchase for most Americans, and is especially expensive for Rhode Islanders. Yet consumers rarely comparison-shop for auto insurance as they might for other products and services. Auto insurance companies vary substantially both in price and service to policyholders, so it pays to shop around and compare different insurance companies. This guide to buying auto insurance was developed to help you become a more knowledgeable policyholder and to get the combination of price and service best suited to your needs. It provides information on how to shop for coverage and how insurance premiums are determined. You will also find an Auto Insurance Buyer’s Worksheet in the guide to help you compare premium prices among insurers.
    [Show full text]
  • ERISA Faqs for Welfare Benefit Plans
    ERISA FAQs for Welfare Benefit Plans What Is ERISA? ERISA (the Employee Retirement Income Security Act of 1974) is a Federal law which deals with employee benefit plans, both Qualified Retirement Plans (e.g., pension and profit sharing plans) and Welfare Benefit Plans (e.g., group insurance and other fringe benefit plans). The goals of ERISA are to provide uniformity and protections to employees. ERISA imposes certain reporting (to the DOL) and disclosure (to Plan Participants) requirements on employers. ERISA compliance is enforced primarily by the Department of Labor (DOL). However, employee benefit plans may also be regulated by other government agencies, such as the Internal Revenue Service (IRS) and a state’s Department of Insurance. Failure to comply with ERISA can result in enforcement actions, penalties, and/or employee lawsuits. Which Employers Are Subject to ERISA? ERISA applies to virtually all private-sector corporations, partnerships, and proprietorships, including non-profit corporations—regardless of their size or number of employees. Churches and governmental employers are exempted from ERISA’s Welfare Benefit Plan provisions. Which Benefits are ERISA Plans? ERISA generally applies to the following Plans, whether they are fully insured or self-insured: Health, Medical, Surgical, Hospital, or HMO Plans Health Reimbursement Accounts (HRAs) Health/Medical Flexible Spending Accounts (FSAs) Dental Plans Vision Plans Prescription Drug Plans Sickness, Accident, and Disability Insurance Plans Group Life and AD&D Insurance Employee Assistance Plans (EAPs) (if providing counseling, not just referrals) Executive Medical Reimbursement Plans Wellness Plans (if medical care is offered) Long Term Care Insurance Plans Severance Pay Plans Business Travel Accident Plans Copyright © 2011 by ERISA Pros, LLC.
    [Show full text]
  • Tax Risk Insurance: Taking It Captive
    taxnotes federal ■ Volume 171, Number 4 April 26, 2021 Tax Risk Insurance: Taking It Captive by Ken Brewer and Albert Liguori Reprinted from Tax Notes Federal, April 26, 2021, p. 549 For more Tax Notes content, please visit www.taxnotes.com. © 2021 Tax Analysts. All rights reserved. Analysts does not claim copyright in any public domain or third party content. TAX PRACTICE tax notes federal Tax Risk Insurance: Taking It Captive by Ken Brewer and Albert Liguori is to explore the U.S. tax implications of that meeting. Behold: captive tax risk insurance!3 In our experiences, the use of tax risk insurance has been most prevalent in the mergers and acquisitions context. But as we mentioned in our last article, we have seen it becoming more common in the context of large corporate groups seeking to manage their global tax risks, regardless of whether they are related to M&A.4 In either context, the use of tax risk insurance lends itself to captive arrangements, for the same reasons that have caused captive arrangements to be desirable for other types of insurance risks. Ken Brewer is a senior adviser and Captive Insurance and the U.S. Tax Implications international tax practitioner with Alvarez & Thereof Marsal Taxand LLC in Miami, and Albert Liguori is a managing director in the firm’s New As an alternative to traditional insurance York office. The authors send special thanks to protection, which is obtained from one or more of Brian Pedersen, managing director at Alvarez & the many underwriters offering that coverage to Marsal Taxand, for his contributions and the public, captive insurance is obtained from a review.
    [Show full text]
  • Auto Insurance and How Those Terms Affect Your Coverage
    Arkansas Insurance Department AUTOMOBILE INSURANCE Asa Hutchinson Allen Kerr Governor Commissioner A Message From The Commissioner The Arkansas Insurance Department takes very seriously its mission of “consumer protection.” We believe part of that mission is accomplished when consumers are equipped to make informed decisions. We believe informed decisions are made through the accumulation and evaluation of relevant information. This booklet is designed to provide basic information about automobile insurance. Its purpose is to help you understand terms used in the purchase of auto insurance and how those terms affect your coverage. If you have questions or need additional information, please contact our Consumer Services Division at: Phone: (501) 371-2640; 1-800-852-5494 Fax: (501) 371-2749 Email: [email protected] Web site: www.insurance.arkansas.gov Mission Statement The primary mission of the State Insurance Department shall be consumer protection through insurer insolvency and market conduct regulation, and fraud prosecution and deterrence. 1 Coverages Provided by Automobile Insurance The automobile insurance policy is comprised of several separate types of coverages: COLLISION, COMPREHENSIVE, LIABILITY, PERSONAL INJURY PROTECTION, UNINSURED MOTORIST, UNDERINSURED MOTORIST and other coverages. You are required by law to purchase liability protection only. All others are voluntary unless required by a lienholder. LIABILITY Under Legislation passed in 1987 and 1999, it is unlawful for any person to operate a motor vehicle within this state unless the vehicle is insured with the minimum amount of liability coverage: $25,000 for bodily injury or death of one person in any one accident; $50,000 for bodily injury or death of two or more persons in any one accident and $25,000 for damage to or destruction of the property of others.
    [Show full text]
  • How Your Assets Are Protected: Explaining the Insurance Coverage Maze
    HOW YOUR ASSETS ARE PROTECTED: EXPLAINING THE INSURANCE COVERAGE MAZE As a client of a Commonwealth Financial Network® Federal Deposit Insurance Corporation (FDIC) advisor, you are covered by several insurance Established in 1933, the FDIC is an independent programs—SIPC, FDIC, fidelity bond, cyber liability, agency of the U.S. government that protects the funds and errors & omissions—that seek to safeguard your depositors place in banks and savings associations. The assets from institutional failure and fraudulent acts. standard insurance amount is $250,000 per depositor, What these programs cover can be confusing, and you per insured bank, for each account ownership category. often won’t find definitions of coverage in one place, Joint accounts owned by two or more persons would so we’ve put together a condensed and consolidated be covered at $250,000 per co-owner. explanation of what they cover—and what they do not. If your cash is swept into and invested in Commonwealth’s Core Account Sweep Programs (CASPSM), your cash Securities Investor Protection position, if in excess of $250,000, is layered into Corporation (SIPC) multiple FDIC-insured banks. If any of these banks Created by Congress in 1970, SIPC steps in whenever were to fail, FDIC would step in to insure the cash a brokerage firm or broker/dealer fails or closes. Fidelity deposit up to the FDIC limits. Clearing & Custody SolutionsSM (FCCS)1 provides clearing, custody, and other brokerage services to Again, the FDIC insurance does not cover securities or Commonwealth (our broker/dealer) through National any market losses in securities; it covers only deposits Financial Services LLC (NFS).
    [Show full text]
  • Coronavirus Insurance Coverage and Claims Guidance
    Coronavirus Insurance Coverage and Claims Guidance April 15, 2020 With the exposure of the coronavirus (COVID-19) increasing, organizations are evaluating the potential coverage which may be triggered from their insurance policies. Actual loss situations and a review of individual policy forms will be a crucial step to properly evaluate potential available coverage application. Insurance carriers have the ultimate authority in determining coverage for presented claims. Any suspected COVID-19 related losses should be reported per the policy guidelines. Policyholders should be aware that some policies may require specific time frames from notice of potential claim, such as 48 hours. This document provides factors that will be examined in the event losses related to COVID-19 occur. Coronavirus Insurance Coverage and 2 Lockton Companies Claims Guidance Workers’ compensation Each injured employee situation will be evaluated on its own individual merits. Workers’ compensation insurance covers employees who suffer injury or illness “arising out of or in the course of their employment.” Many factors will need to be considered if presented COVID-19-type claims are work related. These include but are not limited to: • The timing of when the loss occurs: were there reports of previously infected individuals made in this same time period? • The location(s) where the injured worker was present leading up the injury or exposure: was the injured worker within an area where exposure of the virus was present or carried a greater risk? • The activities the injured worker was engaged in leading up to when the loss or exposure took place: was the individual in contact with others or working remotely? • The specific nature of the loss: what further details can be uncovered to provide greater clarity around exposure to the virus as an occupational disease? In most jurisdictions, individuals seeking benefits under workers’ compensation will also need to meet the burden that the coronavirus illness arose out of, or was caused by, conditions “peculiar” to the work.
    [Show full text]
  • Captive Insurance Companies
    Estate Planning – August 2011 CAPTIVE INSURANCE COMPANIES Possibilities and Pitfalls With Captive Insurance Companies Profitable family businesses can use captive insurance companies to manage business risk and shift wealth accumulated in a profitable captive from senior to junior generations thereby avoiding inclusion of those funds in the senior generation's estates. Author: KIMBERLY S. BUNTING, J. SCOT KIRKPATRICK, AND KAREN S. KURTZ, ATTORNEYS KIMBERLY S. BUNTING is a shareholder in Chamberlain, Hrdlicka, White, Williams & Martin LLP's Atlanta, Georgia, office. She practices in the areas of commercial and corporate law, and has significant experience with risk management and captive insurance companies. J. SCOT KIRKPATRICK is also a shareholder in Chamberlain, Hrdlicka's Atlanta office. His practice focuses principally on estate and income tax planning for high net worth individuals and their businesses. KAREN S. KURTZ is an associate in the Tax Section of Chamberlain Hrdlicka's Atlanta office, concentrating in estate and gift tax planning and litigation. A captive insurance company ("Captive") is an insurance company formed by a business owner to insure the risks of related or affiliated businesses. A Captive permits a business to manage its risks while potentially providing substantial benefits to that related business. The premiums received by the Captive are invested and thus not "lost" if not used to pay claims in the same sense that commercial insurance premiums are when paid to an unrelated insurer. This one benefit drives the use of Captives for the family business more than any other. Captives may issue property or casualty insurance coverage against a wide variety of possible liabilities.
    [Show full text]
  • Effective with UNDERWRITERS at LLOYD's, LONDON Insurance For
    Effective with UNDERWRITERS AT LLOYD'S, LONDON Administered by Hiscox Inc. 520 Madison Avenue 32nd Floor, New York, NY 10022 (646) 452-2353 Insurance for General Liability DECLARATIONS This insurance has been placed with an insurer that is not licensed by the state of Michigan. In case of insolvency, payment of claims may not be guaranteed. Broker No.: US 0001488 RT Specialty of Illinois, LLC Policy No.: MPL1934916.18 500 W. Monroe St., 30th Floor Renewal of: MPL1934916.17 Chicago, IL 60661 1. Named Insured: Stateside APM Address: 6445 Citation Dr Ste F Clarkston, MI 48346-2996 2. Policy Period: Inception Date: 03/31/2018 Expiration Date: 03/31/2019 Inception date shown shall be at 12:01 A.M. (Standard Time) to Expiration date shown above at 12:01 A.M. (Standard Time) at the address of the Named Insured. 3. General terms and WCL P0001 CW (09/14) conditions wording: The General terms and conditions apply to this policy in conjunction with the specific wording detailed in each section below. 4. Endorsements: E6015.6 - Lloyd’s Syndicate (3624) Endorsement, E6016.1 - Service of Suit, E6017.2 - Nuclear Incident Exclusion Clause-Liability-Direct (Broad) Endorsement, E6018.2 - Applicable Law Endorsement, E6020.2 - War and Civil War Exclusion Endorsement, E6023.1 - Minimum Earned Premium Endorsement, and E9998.2 - TRIA Not Purchased Endorsement 5. Optional Extension Extended Reporting Period of 12/24/36 months at 75/150/225 percent of the annual premium. Period: 6. Notification of Hiscox Claims claims to: 520 Madison Avenue, 32nd floor New York, NY 10022 Fax: 212-922-9652 Email: [email protected] 7.
    [Show full text]
  • Fidelity and Other Indemnity Protection (12-04) Federal Deposit Insurance Corporation FIDELITY and OTHER INDEMNITY PROTECTION Section 4.4
    FIDELITY AND OTHER INDEMNITY PROTECTION Section 4.4 INTRODUCTION Lack of any significant coverage, board of director approval and review, or deficiencies in a bank's loss Risk management is intended to minimize the cost prevention program should be appropriately commented associated with certain types of risk and provide prudent upon in the Report of Examination. protection. The maintenance of appropriate levels of necessary insurance coverage is a key aspect in the risk management process. It deals with pure risks that are FIDELITY INSURANCE PROTECTION characterized by chance occurrence and may only result in a financial loss, as opposed to a speculative risk which Fidelity insurance protection is appropriate for all banks affords the opportunity for financial gain or loss. Such because it insures against certain risks that contain the pure risks are separated into three major exposure potential for significant loss. Section 18(e) of the Federal categories: liability, property, and personnel. Deposit Insurance Act (FDI Act) provides that the FDIC may require such coverage, and if it is not obtained, may There are three stages in the risk management process: risk contract for such protection and add the cost to the bank's identification and analysis, risk control, and risk treatment. deposit insurance assessment. However, such action would Identification and analysis requires a review of all aspects only be taken in rare instances, such as when a bank is able of the bank's present and prospective operations to to obtain protection but refuses to do so. determine where the bank is exposed to loss, including consultation with a reliable insurance professional.
    [Show full text]
  • What Is Fiduciary Liability Insurance and Why Do You Need It?
    What Is Fiduciary Liability Insurance and Why Do You Need It? Not knowing the answer could cost you everything. Fiduciary Liability Insurance Policies (FLIPs) are arguably one of the least Who is Considered a Fiduciary? What is Considered to be a Plan? understood insurance products on the market. However, it may be the Any individual included in the plan Employee benefit plans fall into only coverage that adequately protects document by name or title, along two broad categories - retirement people against liability for managing or with anyone who has discretionary plans and welfare plans. Retirement administering an employee benefit plan decision-making authority over the plans include a wide gamut of plans, - from top corporate executives that hire administration or management of a including but not limited to defined investment managers to payroll clerks plan or its assets may be considered benefit pension plans, profit sharing that process enrollment forms. With the a fiduciary under ERISA. Fiduciaries or savings plans such as 401(k)s, rising frequency of expensive and time commonly include the plan sponsor 403(b) plans, stock purchase plans, consuming litigation and regulatory efforts (which is typically the employer), and employee stock ownership in today’s evolving legal environment, the plan trustee and the plan plans (ESOPs). Welfare Plans include employers and plan fiduciaries are administrator, directors and officers medical, dental, life and disability increasingly being held accountable for (including when they appoint other plans. their actions (or failure to act) with respect fiduciaries or retain third party to employee benefit plans. Thus, FLIPs are service providers) and internal an important part of any comprehensive investment committees.
    [Show full text]