10 July 2024news

New York captive created to help tenants

A new captive has been set up in New York to help local residents manage local insurance costs and insurance claims, it has been reported.

According to numerous press reports the Milford Street Association Captive Insurance Company has been set up as a form of collective to allow members, who must be New York-based with capped rents and government financing, to pool their money to cover claims.

The intention is to potentially reduce insurance costs and improve building conditions for members.

The Milford Street Association Captive Insurance Company is registered in Vermont and according to its Department of Financial Regulation listing was registered there in December 2023.

According to local media reports on the captive, property insurance rates for apartments in New York City have seen some significant increases in recent years, due to a rise in demand, a fall in capacity and various other local factors.

Captive International has approached the company for further comment.

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