Advantages to forming your own captive insurance company
1431_ 9/6/13 - We're talking with Howard Potter Managing Director at ST Consulting, LLC, a firm he set up in 1996 when he quit the practice of law and also the practice of CPA, and he began consulting, primarily in the area of financial and tax consulting. For the last 13 years Howard's been involved in micro captive insurance companies. The underlying concept is that all businesses have uninsured risks and these uninsured risks are frequently risks that you cannot buy coverage for in the conventional market. Examples might be product recalls, product liability, business interruption, loss of key supplier, loss of key vendor. Howard tells us they set up a captive insurance company for a surgical center up in the mountains. "One of the risks we covered was, loss of income because of reduction of Medicare reimbursements." Howard's challenge is to examine companies, identify these risks so he can actually come up with a premium. The company continues with traditional insurance, but now he pays additional premiums to himself / his insurance company. Last year their company, on a nationwide basis, did 102 of these transactions. The preceding year they did about 60, so this has really caught on. Larry asked if there were limits on the types of companies that could use this kind of insurance. The answer... Listen for the details... Howard is founder of the Cross Networking Event coming up on 9/26/13. The whole event is geared toward networking - no speakers, just great food and the people you are looking to connect with.
RELATED LINKS: S T Consulting LLC || Howard Potter || ACG Denver Channel || Cross Networking Event || KEYWORDS: Howard Potter, S T Consulting, Captive Insurance Companies, Association of Corporate Growth, Denver, ACG, FEI, Financial Executives International, Artex Risk Solutions, Arthur J Gallagher & Co,, bytes=4714060
LISTEN TO: Howard Potter, JD, MBA, CPA, S T Consulting
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