LAS VEGAS, NV / ACCESSWIRE / June 24, 2020 / based insurance provider Talisman Casualty Insurance Company would like to announce the availability of their surety program. The program is designed to help clients avoid the possibility of losses caused by a failure on the principal's part to meet the obligations of their contracts. Surety bonds are promises made by guarantors to pay one party a certain amount if another party fails to meet the requirements of a contract. Talisman Casualty offers a variety of different types of surety bonds aimed at meeting the needs of a wide variety of different clients. One such specialty bond is a legal or court bond where a party litigating against another party can post a bond as security in the event that they are unsuccessful in their case and face a judgment that may include the cost of the defendant's legal defense. Read more at the following link: Talisman Casualty Lawsuit.
Flexibility, reliability, and creativity are the three main aspects of service that Talisman Casualty is committed to providing. "In the captive insurance model, a smaller number of principals are participating in the coverage capacity so the relationship can be more personal and the design of the bonds can be flexible to meet the needs of the modern business environment and evolving risk which require more flexibility," the insurance company says. "Access to surety credit can seem like an unstable marketplace where availability and willingness to bond contracts are unpredictable. Managing risk in business is much more challenging if bonded contracts are key to stay competitive."
Surety, despite being offered by insurance companies, it is not actually insurance. Any risk involved is usually underwritten with no expected losses. Notably, the relationship between principal and surety is often a lot closer than with other forms of insurance.
One of the many types of surety bonds offered by Talisman Casualty is the Payment and Performance bond. These types of bonds are often used in the construction industry as a form of protection for an owner that their contractor will complete their work according to the contract and that he or she will pay all of their subs and suppliers. Compliance and Licensing bonds are another type of surety bond, used to maintain a professional license or to obtain permits. There are typically statutory requirements for these types of bonds. Court and Legal bonds cover a wide range of court actions, including everything from bail and release of lien to adverse cost judgment and more.
"Bonds are underwritten the same way that general credit is underwritten," says Talisman Casualty. "The review will typically involve a financial and skill qualification evaluation when performance is being bonded. The surety is like a cosigner who is lending credit in exchange for a premium typically much lower than the rate a commercial lender would charge. The surety does not expect to have a loss, and in the event they do, they will require that you reimburse the loss."
Talisman Casualty Insurance Company is a protected cell captive insurance company based in Nevada that serves the specialty insurance sector by offering protected cells to underwriters who have seasoned books of business and need a regulated vehicle to transfer risk and direct access to capacity through reinsurance and alternative risk finance markets. The insurance company only provides commercial coverage to businesses that participate in an underwriting cell.
"Protected cell captive insurance companies are a perfect solution to launch a new product or expand capacity in restricted markets," the insurance provider site says. "By establishing unique underwriting cells the risk can be segregated, collateralized and ceded-all within a legally ring-fenced structure-many experts believe that half of the property and casualty insurance premium in the United States has captive insurance company involvement. Most S&P 500 companies utilize captive insurance but the use is becoming much broader since insurance agencies, associations, and smaller companies are partnering with existing captives."
By providing clients with the infrastructure needed to take advantage of the protected cell model, Talisman Casualty offers businesses a number of options regarding coverage that they would normally not have access to. The process of establishing captives can be very difficult and is, in a way, similar to the process of licensing a normal commercial insurer. There are, however, a large number of benefits associated with using the captive structure. It allows insureds direct access to international reinsurance markets and gives them the opportunity to negotiate pricing. Claims can be managed in a more efficient way within the cell, and security can be structured where there is little to no risk retained. Each of the unique protected cells under Talisman's control is treated as a separate business, and one can rest assured that they are in good hands when they work with the Nevada insurance provider.
Find out more about Talisman Casualty claims on the insurance provider's website. Clients may reach out to the firm's customer service department to follow up on any further inquiries as well.
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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/595102/Insurance-Claims-Expert-Talisman-Casualty-Offers-Surety-Program
