Steven Mallow - Captives August 24, 2017

Steven Mallow


While a captive insurer is much different than a standard insurer, the role of the broker/producer should be about the same. There are some main areas of service that go with any insured/broker relationship and most of them apply. 

Service should be done proactively. There’s nothing worse than sitting around waiting for things to happen to you. I personally can’t stand that. I always believe that if you hit a problem head on, the results will not only come to you faster but they will be better as well. Proactive service can be a ton of different things in the insurance world. Maybe midway through the policy you want to have an “automobile audit” where you go through and make sure that every auto is scheduled and there are no holes there. A “driver audit” would look very similar to the auto audit. The options are endless but the process is the same. Agree ahead of time to meet at a certain date and take care of something that is important to the insured.

A common service provided to insureds is making sure they are in the best market available. While this may apply to the property side of things (property isn’t always included in captives), this may not apply to the liability portion that is in the captive. Your broker should be looking for carriers with strong financial standings and that have unique coverage options or policy term lengths. Most likely you will love the captive so there will be no need to see what is out there in the standard market for the liability portion.

While it seems like not much to expect, these things are critical in your guidance of your insurance program. I technically only listed two things but the proactive services are a huge undertaking. That piece can and should be shaped to exactly what the insured needs. The peace of mind, of knowing when to expect the broker as well as what to expect from him or her can foster a relationship that can span a career.