Hub International Limited, a leading global insurance brokerage, announced the launch of its Hospitality captive, an exclusive member-owned group captive insurance solution. The captive was designed for hospitality clients and prospects to gain better insight into exposures and risks, and to turn that knowledge into cost savings and rewards with the potential to earn back as much as 60 percent of their insurance premium.
“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.”
Captives offer an alternative to conventional insurance for companies with excellent claims histories, to retain the benefits of their good risk management practices, rather than pay out the benefits to independent insurance companies. Depending on annual claims, up to 60 percent of annual premiums could be recouped by the hospitality operator. And, HUB’s group captive provides long-term control over insurance operations, including underwriting, claims management, and investments, while lowering their total cost of insurance and enhancing safety and loss control practices.
“HUB’s group captive was created out of demand from our brokers who had their client’s best interests in mind,” says Evan Muffly, Executive Vice President of HUB Captives. “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.”
HUB’s group captive has been specifically designed to meet the challenges of insuring the exposures of the hospitality industry as well as other industries, including but not limited to: manufacturing, healthcare, retail, distribution, wholesale and warehouse and storage. Mid-to large-sized hospitality organizations 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. The captive includes customizable insurance solutions and risk services for:
Auto liability and Auto physical damage
Claims management and advocacy services.
HUB’s hospitality captive participants are also covered for catastrophic losses by an A+ rated carrier.
As part of HUB’s recently announced Specialty Practices, Hospitality captive insurance demonstrates the company’s commitment to building tailored insurance solutions designed to best manage its clients’ risks.