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A captive insurance company (Captive) is designed to insure the business and related risks of a small (and usually related) group of insureds. Captives can be formed either in the United States or in a foreign jurisdiction. Captives are typically formed by companies when business insurance for a certain commercial risk cannot be obtained through traditional insurance markets.

Business Meeting
Business Meeting

Examples of industries that use Captives are:

  • Manufacturers

  • Automobile dealerships

  • Transportation

  • Oilfield services

  • Construction

  • Medical and dental

Examples of coverages that a Captive may insure are:

  • Cyber risk

  • Regulatory changes

  • Tax audit legal expense reimbursement

  • Employment practices

  • Crime/Employee dishonesty

  • Deductible reimbursement

  • Franchise legal defense costs

  • Liability for nuisance/frivolous lawsuits

  • Product rework

  • Reputation risk

  • Subcontractor default

  • Transportation damages

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