Artex has unveiled a new alternative risk programme for the transportation industry.
TOPIC (Transportation Owners Protection Insurance Cell) is a rent-a-captive that Artex says offers many of the advantages of captive ownership, with the simplicity of renting. Participants have the opportunity to have underwriting profit returned to them, while TOPIC also offers unbundled claims handing, loss control and claims advocacy services.
Coverages include workers compensation, commercial auto and general liability. The minimum annual premium is $250,000 for all lines.
Artex said TOPIC is particularly appropriate for best-in-class companies with a desire to move from guaranteed cost to an alternative risk programme. Companies involved in dry van, refrigerated goods, grain and agricultural products, flatbed operations and sand and gravel make excellent candidates for TOPIC, it said. Employee drivers are preferred, Artex said.
Martin Hughes, executive vice president of underwriting at Artex, said the transportation industry faces a number of challenges, including restricted insurer capacity, expanded regulations and driver shortages.
“Our clients are looking for expanded alternative risk options to service their insurance needs,” Hughes said. “TOPIC provides for the addition of a rent-a-captive solution, which combined with other Artex products, further rounds out the range of solutions available to the Transportation industry.”
Artex, TOPIC, Rent-a-captive, Martin Hughes