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History, Mission & Overview
This Captive was established specifically for businesses that use short haul, heavy trucks as part of their operations. By developing safety programs, claims handling techniques and prices that directly target this class of business, this Captive provides the opportunity for concerned owners to realize control of their insurance program leading to potentially significant savings over time.
For the current members of this Captive, underwriting results to date have been excellent. The Board of Directors approved the first partial dividend to members in March, 2007. The financial statements reflect continuing strong profitability due to the hard work of its members.
Potential prospects for this Captive include:
- Wholesale producers and distributors of concrete, stone, sand, gravel, asphalt and other construction materials (NAICS classes 212321 and 423320);
- Ready mixed concrete manufacture and delivery (NAICS class 327230);
- Local, specialized trucking (NAICS class 484220) for agricultural products, coal, recyclables, structural concrete, or other bulk materials;
- Street and road paving, landscaping, concrete pumping and other contractor services using heavy trucks;
- Minimum casualty premiums of $150,000 combined with good 5-year loss history;
- Family-owned or closely held companies that are interested in a long-term alternative to the cyclical insurance market;
- Ineligible operations include use of explosives, garbage collection and transfer, hazardous materials and timber hauling.
Developing Prospects
To explain the differences from the standard market as well as the value of ownership in a captive, InterWest and Captive Resources, LLC will meet with prospects well ahead of their renewal to educate them about the captive, and to begin collecting the required underwriting information.
This process usually involves:
- Presenting the captive seminar to the key decision-makers at the prospect;
- Completing an underwriting submission, including five years of loss and exposure history and current financials, ideally 30 days before renewal;
- Provide references to other Captive members;
- Sending the Captive shareholder information to the prospect;
- Obtaining a loss pick and final captive pricing;
- Delivering a captive proposal personally to the decision-maker.
Using this approach systematically leads to a high number of prospects choosing to become members of this Captive over time.
The profile of the members in this captive is:
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Range of Sales: |
$8 Million to $60 Million |
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Range of Payroll: |
$1.2 Million to $8.1 Million |
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Range of Vehicle Counts: |
23 to 110 |
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Average Premium: |
$428,000 |
» Contact Mike McStocker for more information.
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