{"id":10659,"date":"2024-10-02T11:08:53","date_gmt":"2024-10-02T11:08:53","guid":{"rendered":"https:\/\/demo.awaikenthemes.com\/levis\/?page_id=67"},"modified":"2025-07-30T12:05:57","modified_gmt":"2025-07-30T16:05:57","slug":"services","status":"publish","type":"page","link":"https:\/\/www.parrishandgwinn.com\/?page_id=10659","title":{"rendered":"Services"},"content":{"rendered":"\t\t
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OUR SERVICES<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\nAn alternative insurance <\/span> provider<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Group captive commercial insurance<\/strong> <\/span>programs were created because the traditional market was not adequate for discriminate insurance buyers.\u00a0\u00a0Larger commercial operations with\u00a0good claims history\u00a0 were paying higher premiums to support the poor\u00a0 claim performers. In return, savvy business owners with good claims experience were seeking alternative methods to insure their operations with enhanced coverage’s coupled with \u201cfair\u201d premiums to pay.<\/p>

Our comprehensive insurance services are focused on strengthening & sharing our group captive expertise. Our professional abilities have propelled our success in the following disciplines:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n Group Captives <\/h3>\n \t\t \t

A commercial group captive is an insurance structure where multiple businesses pool resources to self-insure their property risks including General Liability, Workers Compensation, and Commercial Auto coverage.<\/p>\n <\/div>\n \n \n <\/div>\n <\/a>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n Group Health Captives <\/h3>\n \t\t \t

A group health captive is a self-funded insurance solution where multiple employers pool their health risks to achieve cost savings, greater control, and improved coverage flexibility.<\/p>\n <\/div>\n \n \n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n Life Insurance <\/h3>\n \t\t \t

Life insurance is essential for business owners providing financial protection for their families and ensures business continuity in the event of their passing<\/p>\n <\/div>\n \n \n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The history of Group Captive Insurance<\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Group captive commercial insurance programs were created because the traditional market was not adequate for discriminate insurance buyers.\u00a0\u00a0Larger commercial operations with\u00a0good claims history\u00a0 were paying higher premiums to support the poor\u00a0 claim performers. In return, savvy business owners with good claims experience were seeking alternative methods to insure their operations with enhanced coverage’s coupled with \u201cfair\u201d premiums to pay.<\/p>

The inspiration to form group captive insurance arose from the turbulent and inefficient insurance crisis of the 1970s.<\/p>

The motivation to create the form and functionality of the group captive model solidified in the early 1980s.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The objective of Group Captive Insurance<\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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 Insurance is cumbersome and complex to most organizations. Renewals, experience modifiers, audits, coverage options, and components of this negotiation cost upper management significant time and money. At Parrish & Gwinn, we can prove to you and your team that a captive takes a fraction of the time to manage, provides better coverage, and could generate substantial wealth for the company or the owners.<\/span><\/p>\n

With a few minutes of your time, we can show you the advantages to owning your own insurance company and just how easy it can be to control your insurance destiny.<\/span><\/p>\n

<\/span><\/span>Being in a group captive is not an opportunity afforded to all companies. Only those with good loss ratio\u2019s, strong financials, and an emphasis on the safety of their employees are eligible and deserving. Being the \u201cBest in Class\u201d is a tough concept to define for sure, though given the company we keep and the clients we insure \u2013 \u201cBest in Class\u201d is who we surround ourselves with.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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faqs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Frequently Asked <\/span> Questions\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Explore our Frequently Asked Questions for quick answers the basics of captive insurance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t25+ Years of Experience and Expertise\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tWe have a proven track record successfully managing captive insurance programs with specialized knowledge in captive insurance, including regulatory requirements, tax issues, and claims management.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\tOur firm offers risk management consulting and assistance with loss control programs, helping you proactively manage risks and reduce future claims.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n \n \n <\/span>\n\n \n What are the requirements to join a captive?<\/span>\n\n \n
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Depending on the type of operation, captives require $150,000 in premium combined for Workers Compensation, General Liability and Automobile coverage.\u00a0 Some of the lighter less risky operations (plumbing, electrical, grading, retail, restaurant, etc.) can join if their premium is greater than $100,000 for the three coverages listed above.\u00a0 Plus, the company must have a good safety record, sound financials, and adequate risk control.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n What risk is associated with being a member of a captive?<\/span>\n\n \n
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There is no financial risk associated with being a member of a captive.\u00a0 Captives are reinsured and fronted by large carriers just like you would find in the traditional market.\u00a0 Each member pays for that protection.\u00a0 This is not self-insurance.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n What is the downside of joining a captive?<\/span>\n\n \n
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There is no downside to joining your own captive.\u00a0 There is an upfront capitalization fee for the stock and collateral is also a function of the program but, you earn investment income on these items and it is substantial.\u00a0 Many of our members love this component as it gives them a good place to put their money and watch it work for them.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n What kind of coverage would I have if I joined a captive?<\/span>\n\n \n
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Coverage is extremely broad in a captive as all members share the same coverage template.\u00a0 However, if there is a special coverage your operation needs, we can schedule that into the captive coverage.\u00a0 Coverage can be custom tailored to fit your needs.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n How do I know what type of captive I should join?<\/span>\n\n \n
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Parrish & Gwinn will assist in the selection of your captive.\u00a0 There are many components to this decision.\u00a0 Account size (some captives have large minimum premiums), type of risk (some captives are homogeneous and some take many different types of operations), and the size of the membership (some members do not want to be a part of a large captive).\u00a0 Plus, we would pick a captive with the same type of exposure your company has.\u00a0 For example, we would not want to place a clothing store in a captive with roofers.\u00a0 The reinsurance charges would be far too high for the clothing store as they do not have that level of exposure and therefore would not need to have that type of reinsurance cost associated with their program.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n How often do I get returns from my captive?<\/span>\n\n \n
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Dividends begin paying out in the third year after inception of the captive.\u00a0 For example, if a member joins in January of 2000. They would get the dividend for that year in 2004.\u00a0 Every year after that, the member would receive a dividend for that year that expired three years before.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n What are the retention rates for members in the captives we represent?<\/span>\n\n \n
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There is a 99.7%\u00a0 retention rate for all Captive members.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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Only you and the other members own 100% of the stock in your captive. None of the providers, consultants, or reinsurers have ownership. This is why it works. It is your company, you own the stock and all the assets will come back to you.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n If captives are so great why isn\u2019t everyone in one?<\/span>\n\n \n
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Please see question 1 above for the obvious reasons.\u00a0 However, many prospective captive buyers are not given the chance to be a part of a captive.\u00a0 Why, because their brokers do not represent them or know anything about them.\u00a0 The only way to know if this type of program can work for you is to let someone who is a specialist in the captive market look into your options. \u00a0If you ask a Ford salesman to find you a Chevrolet, there will be problems on the horizon.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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\n \n \n <\/span>\n\n \n What is the one thing my members say the most about their captive?<\/span>\n\n \n
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I have asked that to all of my members and the most common answer is \u201cI wish I would have started my captive sooner than I did, I wasted so much money!\u201d<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CONTACT US<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Let's Connect!<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Personalized insurance <\/span>support and assistance today<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Reach out to our team for tailored insurance solutions, expert advice, and prompt assistance with all your coverage needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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