By: tripointins On: July 10, 2016 In: Performance Based Insurance Comments: 0

Executives are often surprised when colleagues mention that they have moved to PBI based plans, and that they have dramatically lowered their premiums. PBI is one of the subjects which will be discussed extensively in this blog. Conventional insurance is called “Guaranteed Cost Insurance.” Companies pay a fixed premium...

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By: tripointins On: July 9, 2016 In: Performance Based Insurance Comments: 0

PBI offers businesses many advantages. One of the most important is that businesses can control the premium they pay. They no longer face unpredictable premium swings, they don’t need to subsidize the losses of unsafe companies and they no longer have the hassle of going out to bid. Companies...

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By: tripointins On: July 9, 2016 In: Performance Based Insurance Comments: 0

The Group Captive is one of the best known types of Performance Based Insurance (PBI). Think of group captive as an insurance company owned and operated by its members. Just like a traditional insurance company, a group captive issues policies, collect premiums and pays for claims, but claims are...

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Let’s begin with some simple definitions. Subsidy-Based Insurance (SBI) is traditional insurance, insurance coverage where the carrier keeps about 35% of your premium and your business is thrown into a pool of other unknown business, often with a mixed if not problematic loss history. Your rate is determined by...

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By: tripointins On: July 7, 2016 In: Injury Management, Performance Based Insurance Comments: 0

When employers want to cut their workers’ compensation costs, they work on improving safety programs or training. But have you thought about improving your employee communications? Communications Before the Injury Communicating with employees before a claim occurs may cut workers’ compensation costs. Intracorp, a managed care company, conducted a...

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By: tripointins On: July 6, 2016 In: Property & Casual Comments: 0

How many contracts does your business enter into every year? You might have one or more property leases, equipment leases, purchase agreements, service agreements, construction contracts, work agreements and more. Although most contracts seem like routine, boilerplate documents, once you sign them, they become legally binding. Do you always...

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Performance Based Insurance focuses on the long term, a comprehensive safety strategy, controlling premiums swings, paying for small losses and insuring for the unlikely severe loss. Many companies will see annual savings of 25% to 50%, while maintaining dramatically improved control over their cash flow and premiums. Simply said,...

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By: tripointins On: July 5, 2016 In: Performance Based Insurance Comments: 0

Modern insurance began in London and exploded globally from Edward Lloyd’s coffee house in 1688. It’s now known as Lloyd’s of London. Ship owners would meet at Lloyd’s and discuss their voyages. They realized the value of their cargo was great enough that it would be catastrophic to lose...

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By: tripointins On: July 1, 2016 In: Injury Management Comments: 0

Many years ago OSHA issued a list of 14 items that qualify as First Aid. If the incident required only the First Aid treatment, the case did not need to be recorded.  Yet we still see Connecticut businesses that are listing everything on their OSHA Logs. Just because an employee visits...

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