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Longshoremen and Harbor Workers Act Liability
The Workers Compensation Act provided coverage for employees in the maritime industry who work in navigable U.S. waters. This includes dry docks, wharves, piers, and other docking places. There is no coverage for the ship's master and crew, any person loading, unloading or repairing a ship that weighs less than 18 tons.
Insurance Industry News from ProgramBusiness.com
The Captive BizStorefront owner SB&T
traces its history back to the earliest days of the captive industry in Vermont.
“Our president, Roger Teese, played a key role in developing this industry, serving as Chairman of the Vermont Captive Insurance Association during the first two years of its existence Since that time we have built strong professional ties to the captive insurance regulators and developed long-standing relationships with many other providers which may service your captive in legal, audit and actuarial capacities. These established relationships help ensure that your experience in forming and operating a captive will be a smooth and pleasant one.”
SB&T Captive Management is an affiliate of Smith, Bell & Thompson, Inc. who in December 2004 was acquired by Hilb Rogal & Hobbs ( HRH ). SB&T Captive Management is a separate and distinct unit from the HRH brokerage business. All information about our clients is kept strictly confidential, yet if the situation arises we do have the resources of HRH at our disposal. SB&T Captive Management is respected by many large, mid-sized and small brokers due to our experience and the quality service we have provided since 1982.
“Our experience and structure permits us to be problem-solvers, not just number crunchers. We can be very flexible, providing underwriting, policy issuance and administration in any combination that you may desire. SB&T stands ready to assist clients and brokers with creative alternatives to traditional insurance, banking, and investment. As a major player in captive management, we also have full access to worldwide insurance and reinsurance markets, which we know how to use for your advantage.__We have now amassed a captive client base with over $1 billion in assets and $385 million in premiums. Our clients range from manufacturers to professional organizations to non-profits. We also work closely with insurance brokers throughout the country seeking alternative insurance arrangements for their clients.”
CAPTIVES Why should you consider this option?
Organizing as a captive is a form of self-insurance. There are numerous types of captives including pure parent captives, association captives, industrial insured groups, risk retention groups, branch captives and sponsored captives. SB&T works with them all.
There are many good business reasons for forming a captive:
Gain control over insurance costs
Participate in investment earnings
Improved net cash flow
Direct access to the reinsurance markets
Stability in your insurance products
Tailor-made coverage to meet your needs
Possible tax benefits
Fewer regulatory restrictions
Formalization of risk management program
Improved loss control and claims handling services
For more information, visit their storefront at www.programbusiness.com
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