Insurance brokerage Hub International has set up a member-owned group captive insurance solution designed for hospitality clients.
Middle to large-sized hospitality organisations that are paying minimum insurance premiums of $500,000, who have a better than average loss experience and are committed to safety and risk management, may qualify to join the captive.
The captive will insured the exposures of both the hospitality industry, as well as other industries such as manufacturing, healthcare, retail, distribution, wholesale, and warehouse and storage.
Depending on annual claims, Hub has suggested that up to 60 percent of annual premiums could be recouped by the hospitality operator.
"Hub's Hospitality captive allows qualified members the ability to turn insurance cost into a future income stream, especially the best-in-class hospitality operators who historically manage their risks well," said Kevin Eggleston, practice leader of HUB hospitality specialty practice. "The captive is for our clients with a solid safety culture who desire greater control in how their claims are handled and want to turn their insurance premium into an investment opportunity."
Hub’s captive provides control over insurance operations, including underwriting, claims management, and investments, with the aim of lowering total cost of insurance and enhancing safety and loss control practices.
Evan Muffly, executive vice president of Hub Captives, added: "HUB's group captive was created out of demand from our brokers who had their client's best interests in mind. We've carefully developed our captive services for the hospitality industry, as well as other industries, so that businesses understand their exposures, obtain coverage, manage risk, and gain access to the tools they need to turn their risks into rewards in order to generate significant savings and substantial returns for the captive members."
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