Talisman Casualty Insurance Company Offers Segregated Cell Insurance
June 10, 2021 at 16:31
The Las Vegas, NV-based Talisman Casualty Insurance Company would like to reach out to businesses that may be in search of an insurer that is capable and willing to meet their unique needs.
The firm offers unique, effective coverage in the form of its surety program. A surety bond or simply surety refers to a promise made by a guarantor or surety to pay the obligee a certain amount should the principal fail to fulfill their obligations under the terms of a contract. This protects the obligee against losses that may result from the principal’s failure to fulfill their end of the agreement, and it can be a powerful coverage tool.
Talisman Casualty’s captive insurance model offers a great deal of flexibility along with reliability and creativity. The insurance provider says, “In the captive insurance model, smaller numbers of principals are participating in the coverage capacity, so the relationship can be more personal and the design of the bonds can be flexible to meet the needs of the modern business environment and evolving risk, which require more flexibility. Access to surety credit can seem like an unstable marketplace where availability and willingness to bond contracts is unpredictable. Managing risk in business is much more challenging if bonded contracts are a key to stay competitive.”
There are several different kinds of surety bonds and while it is not actually insurance, the surety is primarily provided by the insurance industry. One of the many ways in which surety differs from other forms of insurance is the relationship between principal and surety, which is often much closer than with other types of insurance. Payment and performance bonds, one of the surety bond types offered by Talisman Casualty, are often used in the construction industry, and they protect owners by ensuring that contractors will complete their jobs as laid out in the contract. Another type of surety bond is compliance and licensing, which is used to maintain a professional license. The third type of surety bond offered by Talisman Casualty is the court and legal bond, which covers a wide range of court actions (including bail, the release of lien, adverse cost judgment, and more).
Insurance is an old industry and it has, over the centuries, evolved and changed in a number of ways — and continues to do so in the modern-day. As Talisman Casualty says, “Today’s insurance landscape is vast and continuing to expand and still uses the same fundamental ideas of pricing risk using all available historical and technical resources. Insureds today are looking for new ways to manage risk by taking a greater role in the design of the policy.”
They continue, “Protected cell captive insurance companies are a perfect solution to launch a new product or expand capacity in restricted markets. By establishing unique underwriting cells, the risk can be segregated, collateralized, and ceded all within a legally ring-fenced structure. Many experts believe that half of the property and casualty insurance premium in the United States has captive insurance company involvement. Most S&P 500 companies utilized captive insurance but the use is becoming much broader, with insurance agencies, associations, and smaller companies partnering with existing captives.”
Talisman Casualty provides all the resources and infrastructures a business might need to take advantage of the protected cell insurance model. The process of establishing captives may be challenging but the rewards are almost always worth it. One major advantage is the fact that it provides insureds with a way to access international reinsurance markets. By making it so claims are more efficiently managed within the cell, Talisman Casualty decreases the level of risk to almost zero. Each unique protected cell acts as a separate business unit with a great deal of freedom and flexibility, allowing for quick adjustments.
Find out who is Talisman Casualty Insurance by visiting their website and other online resources. The insurance provider is always looking to offer new and unique forms of coverage that open up a whole world of options for businesses. Get in touch with the Las Vegas insurer directly for more information.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117