We are often approached by clients and their brokers who have already tried (and failed) to set up Captive cells with other providers. The two most frequent concerns that we hear when these clients approach us was the length of time and the mounting costs that they suffered in trying to set up those Captives.
"the biggest barrier to most clients creating a Captive Cell and enjoying it’s benefits is the huge length of time that certain Captive providers take in the creation of the Cell"
Indeed the biggest barrier to most clients creating a Captive Cell and enjoying it’s benefits is the huge length of time that certain Captive providers take in the creation of the Cell. The continually mounting costs they have faced are always a feature but the biggest barrier is time. Clients who are not experienced in Insurance find the interminable reports and time taken in limping through the Captive process simply confirms to them that insurance is not only monstrously boring but that ‘it isn’t for them’.
We work upon the principle that clients wish to enjoy the benefits of owning their own Captive but want to go about their own business safe in the knowledge that they are setting aside funds in their Captive Insurance Cell for future claims. They want a Captive Cell but they don’t want to get involved in Insurance day to day or have it distract them from their business.
"Hartwell Insurance undertakes to set up and have running a Client Captive Cell within a 6 week period"
The clients and their brokers want this process to be as simple as possible, rapid and with a finite cost. Hartwell Insurance undertakes to set up and have running a Client Captive Cell within a 6 week period (dependent upon provision of information and holidays amongst the providers). We provide a fixed cost for this service. We are rapid, cost effective and true to our word. We use plain English to explain the process so everyone understands what is happening and what is required of them. We have the services of some of the best Captive service providers in the market to support us and our clients.
"The fastest Cell that we have created took 4 weeks"
The fastest Cell that we have created took 4 weeks, remember that a rapid cell creation with other Captives would be in the region of 6 months!
A major broking house approached us with a client that had very specific property insurance needs. The broker and the client had set about gathering as much coverage as was possible in the standard insurance market. When this work had been done time was running out. We were asked if we could produce a Cell in a period of a month.
We wrote to all our service providers asking for them to move heaven and earth to provide all of their reports, analyses and opinions within two weeks. They rose to the occasion and a full set of reports and all necessary documentation was presented to the Dept of Insurance in Tennessee who carried out their own analysis and reports and gave approval inside 2 additional weeks.
This was a monumental effort by all concerned and showed just what our market CAN achieve. The client had their Cell in time and achieved the coverages that they needed for the costs that we guaranteed them.
Our usual Cell creation time (6 weeks) is considered fast but 4 weeks must constitute the fast Cell in the West!
Roland Horton
Hartwell Insurance
Nashville Tennessee