When Traditional Insurance Doesn’t Fit – Dare to Be Different
Sometimes traditional insurance isn’t the best option for your business. But what are the alternatives?
Captives, Rent-a-Captives, Risk Retention Groups and Self-Insurance
These are only a few of the alternative risk transfer techniques available to provide protection for your business outside of the conventional insurance model. These alternatives can result in greater control in your own destiny and greater return on your investment if, and only if, they are entered into for the right reasons, managed prudently and by professionals committed to your long-term success.
Here are some considerations when exploring alternative risk options:
What Do You Wish to Accomplish?
Entering an existing captive or starting your own should be a careful decision made for the long-term and with clear goals for your company in mind. The professionals at Murray help you first clarify your financial and risk management objectives, then sort through the detail to reach an understanding of the fundamental concepts that differentiate your options.
Your Choice of Partners is Crucial
Entering into an alternative risk program commonly involves sharing risks with others, blending services and expenses and building the best program for the members as individuals and as a group. The adage “look before you leap” has never been more applicable than in your selection of risk sharing partners and your service and management team.
To successfully share risk, your business partners must also share your goals for the program, your commitment to success, your financial stability and your business ethic. The same can be said for the team(s) you select to build and support your program. At Murray, we throw out the “cookie cutter” model and engineer solutions to get you where you want to go. We can design the model, provide claims and risk control services, manage finances and infrastructure or do all of the above. The choices are endless – and they are all yours.
The Power of “One”
Greater control in your own destiny and greater return on your investments are two important by-products of a successful program. But, we believe the best programs include another element – they support the group without losing sight of YOU. The Murray team recognizes both with professionalism, expertise and personal commitment. Sharing risk shouldn’t mean losing your voice – it should give it strength!
The Murray Difference
In short, the difference is expertise, experience, dedication, and commitment to the complex alternative risk arena and your best interests. Our staff is uniquely qualified to support you on all fronts as you move from the traditional to the alternative world and make it your own.
Murray Securus Managed Programs
Our Program Solutions division is experienced at creating and managing alternative risk options. Programs currently include:
Communities Advancing Retirement Excellence
CARE is a captive insurance company for not-for-profit continuing care retirement communities in central Pennsylvania who demonstrate their commitment to excellence in providing care to the aging.
Contact Sheri Riley, Vice President, to discuss this program. 717.397.9600 or send her an email.
Company executives face unique ERISA liability challenges in their capacity as directors and/or officers. Our ESOP Professional Liability program, endorsed by The ESOP Association, helps ensure proper protection by reducing the potential exposure to loss.
Contact Jeff Gelburd, Vice President, to discuss this program. 717.620.2476 or send him an email.
Mid-Atlantic Construction Safety Group
This group was started in 1989 to give construction clients who share similar risks and a proactive safety culture the opportunity to earn money back towards their bottom line. This dividend program has returned more than $8,000,000 in dividends since inception, and continues to be a true success story for members.
Contact Dave Dvorchak, Vice President, Construction Solutions to discuss this program. 717.397.9600 or send him an email.
Choice Benefits Marketplace
The program brings together the powerful capabilities of technology to deliver a leading-edge, private insurance exchange platform. It allows employers to offer a comprehensive benefits program while controlling costs and giving employees the education and resources to play an active role in managing their healthcare.
Contact Matt Pfeiffenberger, Vice President, to discuss this program. 717.381.2120 or send him and email.
Central Pennsylvania Physicians Risk Retention Group, Inc.
CPP is a physician- directed mutual insurance company with the sole purpose of providing medical professional liability insurance and risk management services to physicians and related health care professionals. Unparalleled risk management and superior customer service has resulted in excellent member retention rates since the program was formed in 2003.
Contact Thomas Martone, Vice President, to discuss this program. 717.735.3046 or send him an email.
Keystone Elite, Ltd.
Keystone is a multi-line captive insurance program with member companies from various industries throughout central Pennsylvania. Our members are your neighbors and they all share a strong commitment to risk management excellence. It is a selective membership program with local service providers and member control. It features a low entry cost and no premium assessment provision making it an attractive alternative insurance option.
Contact Jeff King, Vice President, to discuss this program. 717.205.0299 or send him an email.
Pennsylvania Insurance Consortium for Schools
The Pennsylvania Insurance Consortium for Schools (PICS) is a non-profit association that provides risk management and insurance programs to Pennsylvania school districts, intermediate units, vocational schools and other educational institutions. PICS is managed by a Board of Governors, elected by members and composed of Pennsylvania school district business managers. The board meets quarterly to manage, negotiate, execute and improve its plans and contracts that affect members.
Contact Thomas Martone, Vice President, to learn more. 717.397.9600 or send him an email.
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