Your Insurance Solution
Alternative Insurance Options
Sometimes, an insured has needs that require a different solution than can be found in your standard insurance marketplace. Paris-Kirwan has taken a leadership role in finding creative solutions for those insureds whose needs have not been met by the current marketplace. Some of these solutions include:
JM Woodworth Risk Retention Group - A Physician owned Insurance Company providing Medical Malpractice Insurance in New York, New Jersey, Connecticut and Massachusetts.
Cap Plus - Comprehensive cost-effective coverage for Medicare/Medicaid fraud and abuse allegations. Designed in consultation with healthcare providers, Cap Plus also provides an upfront compliance audit of current level of exposure and includes a written compliance plan, policies and procedures manual and training
Lewis & Clark LTC RRG – Member owned Insurance Company providing liability insurance protection to independent living communities and other long term care facilities.
Why alternative insurance?
Control is the primary reason for implementing an alternative risk transfer (ART) solution; including control over underwriting guidelines and procedures, rates, coverage, and claims.
Types of ART’s Include:
Risk Retention Groups
The members of the risk retention group own the insurance company and are insured by the insurance company. Owners must be insureds and insureds must be owners. This form of ownership is required by law, and it enables members to have control over rates, coverage, loss control, defense costs, risk management, and underwriting. By Federal law a risk retention group can write insurance in the 50 states.
Captive Insurance Companies (Captives)
A captive insurance company is an insurance company that insures the risks of its owners and is licensed in a domicile that permits licensing of such groups. This includes onshore domiciles like Nevada, Vermont, South Carolina, and Delaware, as well as offshore domiciles like the Caymans and Bermuda. Unlike risk retention groups, a captive is only authorized to write insurance in the domicile where it is licensed and, as such, is subject to regulation in each jurisdiction where it conducts business. There are many forms of captives including single cell, group, and rent –a- captives.
Risk Purchasing Groups (RPGs)
Risk Purchasing Groups came into existence as a result of the federal Risk Retention Act of 1986. Unlike a risk retention group an RPG is not an insurance company, but an association of insurance buyers with a common identity.