LAS VEGAS, NV / ACCESSWIRE / December 5, 2019 / Talisman Casualty Insurance Company LLC, in Las Vegas, Nevada, has announced that they can provide captive insurance to the marine market. They offer cell captive insurance designed specifically for fishing operations, marine contractors, and other business owners who have assets on the water. Their marine program is focused on small to medium-sized marine enterprises and offers hull and protection & indemnity (hull/P&I), maritime employers liability (MEL), and comprehensive general liability (CGL) with admission into the program cell.
A spokesperson for Talisman Casualty Insurance Company explains, "Our marine program's philosophy is to form long term relationships with our 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 insureds is cultivated with caution and care and the selection of claims adjusters and other service providers is done with focus on effective and efficient client service."
As a result of the said philosophy, Talisman Casualty Insurance Company has developed close working ties with the employees and management of their client businesses. The program's risk selection process begins with accounts that are familiar to the group and then requires partnering only with insureds that have shown sound management and
sound practices.
The MEL/commercial marine insurance policy usually offers coverage for an insured's employees while they are working on non-owned or operated marine vessels. The hull insurance policy is for protection against damage to a covered marine vessel. P&I insurance coverage is liability insurance for almost all maritime liability risks involved in the operation of a marine vessel, other than what is covered by a workers' compensation policy and under the collision clause in a hull insurance policy. It is usually in the form of a liability insurance package with hull coverage. And finally, the CGL policy is designed to protect business owners from liability for property damage, bodily injury, and personal and advertising injury or slander and false advertising.
The spokesperson says, "The Marine Market continues to be under pressure to lower cost in order to stay competitive. Captive insurance will undoubtedly provide the flexibility that readjusting risk management methods and cost will require."
Talisman Casualty Insurance Company makes use of a protected cell captive insurance business model. This particular business model for insurance offers several advantages. This model is necessary in today's insurance landscape where the same basic concepts of pricing risk based on all available historical and technical resources are still used even as the insurance coverage has significantly widened. They noted that modern-day insureds no longer want to be just passive parties but rather want to be involved in the design of the policies as they look for ways to manage their risks. Protected cell captive insurance companies now offer the best solution for the creation of new products or expansion of capacity in restrictive markets.
Through the protected cell captive insurance business model, underwriting cells are created. Within these cells, risk can be segregated, collateralized and ceded while everything inside the cells is within a legally ring-fenced structure. Talisman Casualty Insurance Company's role is to provide all the required infrastructure in order to benefit from the protected cell model. It should be pointed out that the establishment of captives is not an easy task. In fact, it can be as challenging and difficult as the licensing process of the standard commercial insurer.
What is important, however, is that the cost savings advantages make it all worthwhile. The use of the captive structure allows the insureds to have direct access to international reinsurance markets, allowing them to negotiate pricing based on the experience of a specific small to midsize book or business, or even locating capacity for a new concept. Furthermore, this captive structure allows claims to be managed in an efficient way within the cell and security can be structured in such a way that there is little to no risk.
People who would like to learn more about the services provided and who is Talisman Casualty Insurance can visit their website or contact them through the phone or via email.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
800-318-5317
info@talismancasualty.com
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117
SOURCE: Talisman Casualty Insurance Company
View source version on accesswire.com:
https://www.accesswire.com/569281/Talisman-Casualty-Insurance-Company-LLC-Provides-Captive-Insurance-to-Marine-Market
