In this episode of Captive Talks, hosts Joel Hurt and Kody Fitzjerrells talk about the similarities and differences in the actual underwriting and renewal process when quoting a group captive vs traditional insurance program.

Joel and Kody discuss the myths that surround the captive market such as it being a much longer or more difficult process. This just is not the case. Often times it is the exact opposite. You get a quicker response and indicated pricing looking at a captive than the traditional insurance marketplace.

Enjoy and always here with questions.

Are you ready for a captive as a trucking company? In this episode, hosts Joel Hurt and Kody Fitzjerrells hit on both the tangible and intangible things that make a trucking company ready for a captive.

For the intangible aspects, it is all about mindset and your philosophy about ownership in the insurance company itself. You need to think long-term and be willing to bet on yourself and your company.

For the tangible aspects, it is all about your claims, premium size, safety culture, and financial strength.

Listen in and get a feel if you are ready. Reach out to us at Omni Insurance with questions.

The cost of insurance is rising for many trucking companies, but not all trucking companies.

In Group Captives fleets experience rate reductions annually when they perform well on claims, receive money back, and on average fleets pay less when they enter the captive initially. Here are the top stats to know:

1. Trucking fleets who enter the captive save on average 10-20% when they join the captive.
2. Trucking fleets when they perform in the top 50% of the captive on average see a 10-15% rate reduction.
3. Fleets on average receive back 15% of their premium annually on their total premium.

When it comes to the traditional market vs a group captive, from a net cost for insurance, the captive does not lose.

If you are an elite-run trucking company and want to exit the traditional market and stop with drastic cost increases on your insurance, let's talk.

Think different, think captives.

Collateral inside of a captive is very important. Let us here at Omni Insurance run a financial analysis to see how much collateral you would put up and then tell you financially over the last 5 years how your net cost for insurance would have looked.

Inside captives, there are many different coverages that can be covered. In the Group Captive market, the core coverages that are usually covered are auto liability, physical damage, workers' compensation, and general liability.

The biggest reason these are the coverages included is they are typically the most expensive for a trucking company to insure. Therefore, can produce enough premium to put into the captive loss funds.

When you join a captive these are the coverages where your premium is "in-play" and can earn up to 65% back on your premium.

Listen in as Joel and Kody hit on these coverages and other things to think about when it comes to captive coverages. 

In this episode of Captive Talks, we are starting our series of the ABC's of Captives.

Here, we focus on the letter A and what an (A)ssessment entails within captives.

Assessments happen when your claims frequency is more than expected and your frequency fund is 100% depleted inside your captive loss funds.

Furthermore, assessments are limited, and you will always know your expected maximum amount upfront. This in turn gives you your maximum cost for insurance.

Enjoy!

When you are an elite-run trucking company that has few claims, you pay for the claims of other companies and you don't even realize it in the standard insurance market.

Why not join a captive with the ability to get back up to 65% of your premium back annually vs having it be a 100% fixed cost on your P&L?

Think differently about your truck insurance, think captives.

In this first episode of Captive Talks, hosts Kody Fitzjerrells and Joel Hurt talk about Insurance Captives giving an overview and some of the basics of this insurance concept.

In the first part of the podcast, Joel talks about the traditional insurance market vs the captive concept. Talking about why the traditional market is becoming more expensive and overall, a captive is the best option for a trucking company.

Then, Kody outlines captives at a high level and goes into the different aspects the make up a captive.

Thanks for listening!