03/18/2022

How Captive Insurance Plans Can Protect Your Events Against COVID-19

Determine whether such a plan is right for your organization

More than two years after the onset of the pandemic, event cancellation insurance continues to exclude COVID-19 and most communicable diseases, leaving associations feeling vulnerable to pandemic-related disruptions. This week, it was reported that the NCAA formed an insurance captive to provide directors’ and officers’ (D&O) liability and event cancellation coverage.

Other associations may be wondering if a captive is something they should consider. To find the answer, we spoke to Melissa Hancock, a managing director at Strategic Risk Solutions, who has more than 20 years of experience managing captives. 

Captive Basics
If you’re wondering what a captive insurance plan is, Hancock describes it as “a self-insurance vehicle. It’s strictly in order to cover their own risks.” The captive is funded by the organization, heavily regulated like other insurers, and pays out when claims are made.

Please select this link to read the complete article from Associations Now.