Specialty services we are experienced in providing to our clients include:
A “Wrap Up” is when the owner of a project or prime contractor assumes responsibility for all of the insurance on a job. This method of covering all of the insurance for all contractors at one site is safe, legal and cost effective. If you are an owner or General Contractor, imagine the mark up of all of the subcontractors insurance. If you have four or five tiers (or more) of subcontractors, every sub is buying insurance and marking it up in their bid, and every contractor is marking that up as it goes up and up through each successive contract. A Wrap Up eliminates all mark up, puts you in charge of the safety and gives you complete control over the jobsite and your expenses. The Wrap Up sounds simple, and it is, however, administration of the insurance must be done by competent professionals, or it can ultimately cost you much more than the mark up. Meadowbrook Insurance Agency has administered over $1,000,000,000 in Wrap Ups.
A Loss Portfolio Transfer is a financial reinsurance transaction in which loss obligations that are already incurred and will ultimately be paid are ceded to a reinsurer. In determining the premium paid to the reinsurer, the time value of money is considered and premium is therefore less than the ultimate amount expected to be paid. The cedent’s statutory surplus increases by the difference between the premium and the amount that had been reserved. A self-insured seeking to withdraw from self-insured workers’ compensation coverage in a given state could, for example, use a loss portfolio transfer to meet its obligations under policy periods that were self-insured, without the need to continue the day-to-day management of the claims resolution function.We have the knowledge and the staff to manage your project.
A third-party administrator (TPA) handles various types of insurance administration responsibilities, on a fee-for-services basis. TPA responsibilities typically include claims administration, loss control, risk management information, and risk management consulting services.
A Captive is described as an insurance company that has as its primary purpose the financing of the risks of its owners or participants. Captives are typically licensed under special purpose insurer laws and operated under a different regulatory system than commercial insurers.
A Risk Retention Group is a self-insurance plan or group captive insurer operating under the Risk Retention Act (RRA) of 1986 that covers all liability exposures, other than workers’ compensation exposures, of its owners. Risk retention groups are not subject to the individual state laws that would otherwise prohibit the formation of group captives or make it difficult to form or operate them.