Middle market looks for insurance alternatives. (Property/Casualty: Loss/Risk Management Notes).The hard market has pushed medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized companies to join their larger, Fortune 500 brethren in using alternative risk transfer to find insurance coverage, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a retail broker and captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. manager. David B. Powell, senior vice president of Becher+Carlson Risk Management Inc. and Becher+Carlson Insurance Services Inc., members of the Munich-American Global Services Group, said his phone has been ringing off the hook lately. "Historically, what you thought of as large accounts, typically Fortune 500 companies with massive deductibles--$500,000 or $1 million plus--used captives to help reduce their costs," Powell said. "What has changed is suddenly we find companies as small as $50 million to $100 million in sales are asking for advice. I'm getting calls weekly, if not daily." He said companies that just a few years ago were paying about $1 million for premiums have found their premiums have risen to $3 million, their deductibles have increased and their coverage has been limited. The insureds are most often seeking help with workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and general liability lines, Powell said. Becher+Carlson analyzes insureds' risk to find out what kind of retention capacity the firms have, and which program may be the most cost effective. Solutions include using a captive; raising a deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). to make the premium more affordable; or finding coverage with a retrospectively ret·ro·spec·tive adj. 1. Looking back on, contemplating, or directed to the past. 2. Looking or directed backward. 3. Applying to or influencing the past; retroactive. 4. rated policy, which after the policy is over, refunds some of the premium to insureds if their loss history proves to be good. |
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