The Captive Insurance Companies Association (CICA) has settled its event cancellation insurance claim with Tokio Marine HCC for the CICA 2020 International Conference.
Dan Towle, president of CICA, confirmed that CICA had acquired event cancellation insurance for the first time in its history in 2019, and that it had included an option for communicable disease coverage. “This decision proved to be both timely and wise,” he said.
Former CICA board chair Steve McElhiney, who was then president at EWI Re and is now at Artex, had been responsible for finding the best coverage options for CICA to consider.
“Having event cancelation insurance is about planning for the unexpected. No one expects that a pandemic is going to lead to cancelling your conference, but the coverage was available to us and we decided it was prudent to obtain,” Towle explained.
Current CICA board chair Lance Abbott, who is also president at BevCap Management, said: “We are very fortunate to have purchased comprehensive coverage with a respected carrier. The settlement of the claim will ensure CICA will remain a strong, vibrant and healthy organisation. It will allow us to continue to deliver outstanding education and member benefits without any reduction in services.”
CICA’s annual conference was cancelled due to COVID-19.
Captive Insurance Companies Association, CICA, Dan Towle, Steve McElhiney, Lance Abbott, COVID-19, Tokio Marine HCC