“It Depends” - Used in speech to say that the answer to a question will be different in different situations.
I get lots of questions? The proper questions, please ask more questions!
However, the answers to any question is dependent on understanding the framework, the details of the person or company asking the question. The answer to questions may be a broad answer or the answer may be a very specific answer based upon years of similar questions. The answer ultimately is based on the uniqueness of the company being insured and the person asking the question.
Can I replace existing coverage in my Captive? Yes, No, Maybe? It Depends! What coverage are we discussing? How much exposure do you have? What is most efficient?
Yes, some exposures are very easy to replace, and should be replaced. As an example: Directors & Officers coverage. Why pay premiums to a third party for the same coverage when you can pay that premium to your own Captive insurance company?
Some exposures may be replaced, but only IF your exposure and even the size of the operating company is great enough.
Depending on the surplus and capital reserves of your Captive may also determine if, or if not, an exposure can be replaced.
Some exposures can be replaced with the use of a fronting carrier.
No, some exposures are not appropriate to replace, so raise your deductible on that exposure, lowering the premium, and insure the deductible in your Captive insurance company.
Asking the right questions, and more importantly providing direct, personalized answers is made simple with data. Data in = data out. Data helps all parties, business owners, underwriters, and administrators best communicate.
A Business Intake form takes two minutes to complete, yet provides a snapshot full of confidential data which helps answer every question. We also request a copy of existing insurance policies.
So tell me about your company. Are you a $1,000,000, $100,000,000, or a $500,000,000 company? How many employees do you have? What keeps you up at night? These are not random questions, these questions are very specific to understanding you, your company and the Risk Management program currently in place, as well as potential gaps, or differences in conditions of existing policies which may be insured.
“It depends” can be frustrating and may sound like avoidance. "It depends" is another way of saying please tell me details (intake form) and I’ll answer the question directly, specifically, and honestly and create
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