Did you know that bonds are required to help guarantee performance, payment, and maintenance terms on a project to the owner/obligee? When bonds are in place, everything should run smoothly in the event of the dreaded bond claim right? Wrong. Typically, bond claims can take many weeks, if not months, for a resolution, regardless of the outcome.
Captives are becoming increasingly as insureds begin to assess the risk vs reward of the traditional insurance market. A captive insurer is an insurance company, wholly owned and controlled by its insureds, with the purpose of covering the insureds’ risks WHILE allowing the insureds to benefit from any underwriting profits.