Talisman Casualty Insurance Company Offers Various Programs
May 11, 2023 at 22:53
Carson City, Nevada -
Talisman Casualty Insurance Company LLC, an insurance company that offers a kind of reinsurance known as "protected cell captives, offers various programs. These are: the surety program, which is a service oriented program for contractors; the marine program, which is primarily offered by brown water contractors; and a small business general liability program that is specifically tailored for pet care professionals.
Their offerings are based on the program business solution in which groups of insurance customers or applicants that have something in common in their operations create risk purchasing groups (RPGs). RPGs are established in compliance with the Risk Retention Act (RRA) of 1986, that allows a group of insureds who have commonality in their businesses or activities to buy insurance from a commercial insurance company.
A spokesperson for Talisman Casualty Insurance Company says, “Program business is perfect for the segregated cell insurance structure. Models can be tested within the cell and the ease and flexibility of modifying underwriting methodology, risk management, and risk ceding allows for the tailoring of programs which can provide opportunities for managing general agencies, managing general underwriters, associations, industry groups, and any sector of the market where capacity has been restricted access to insurance which they can participate in every step of the design and administration.”
Some of the advantages of the program business solution that employs cell captive insurance include: improved service; reduced costs; and sharing of underwriting profits with the insureds. The spokesperson explains, “Creativity and innovation is shaping the landscape of the modern insurance market and the fragmented nature of the risk management industry allows entrepreneurs to monetize their ideas with greater speed and efficiency than ever before.”
The Talisman Casualty reinsurance model is the protected cell captive insurance model. In such an arrangement, the protected cells are provided to insurance firms that have seasoned books of business and require a regulated vehicle for transferring risk and offer access to alternative risk finance and reinsurance markets. The cell captives are made up of a core and a number of cell entities that are legally distinct from each other. Each protected cell has its own dedicated assets and liabilities, and the core is for central funding. The cell captive is capable of growing even during those times when the insurance market in general is on a downtrend and is experiencing increasing costs. This is because the captive has several layers of protection and it can acquire a diverse combination of specialized businesses. In addition, the assets of one call cannot be used to pay for the liabilities of a different cell.
The surety program provides the surety bond, which is a promise made by a surety or guarantor to pay a particular party, called the obligee, a particular amount in the event that a second party, who is called the principal, fails to comply with a certain obligation like finishing a contract to specifications. Three kinds of bonds are available: payment and performance bonds, which are used in construction; compliance and licensing bonds, which are used for the issuance of professional licenses and permits; and court and legal bonds for a broad range of court actions, such as bail, adverse cost judgment, and release of lien.
Their Marine Program offers Maritime Employers Liability (MEL), Comprehensive General Liability (CGL), and Hull and Protection & Indemnity (Hull / P&I). Their pet professional coverage is for small business owners who are working just for themselves or with a handful of employees.
Talisman Casualty Insurance Company was founded to offer a risk transfer option for property and liability insurance. The company provides insurance policies and bonds that are all completely regulated, licensed, and authorized insurance transactions according to Nevada state laws. Specifically, Talisman is a protected cell captive insurance firm that offers insurance policies and bonds to principals who become participants of the captive by becoming a shareholder and by signing a participation deal. Participants of the cell captive get to take advantage of the regulated structures and international reinsurance markets with the possible benefit of decreasing their insurance expenses and increasing their coverage as needed by their particular business goals.
Those who are interested in learning more about the Talisman claims processes can visit the Talisman Insurance Company website or contact them through the telephone or via email.
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