- Posted by: Andrew Berry
- Category: news
Burlington, VT, January 7, 2020
Green Mountain Sponsored Captive Insurance Company, Inc., one of Vermont’s largest independent protected cell captive insurance companies, today announced the launch of its innovative group captive profit center program, Greenguard, for owners and providers of multi-family properties. The program is designed to ensure tenants have adequate liability coverage and to provide protection for their personal assets while also generating income for property owners/managers for their efforts to market and administer the program.
Greenguard’s innovative approach in designing its proprietary residential and tenant programs is founded upon the features and benefits that a group captive can offer its participants, including the sharing of program expenses and distribution of underwriting profits to its members, but without the financial burden of the program’s member putting up capital or collateral.
Insurance captives have long been recognized as a means to help employ risk management plans which reduce the cost of risk. However, they are also created and utilized as profit centers. For the multi-family property industry, a profit center captive can be especially useful, as increasing numbers of new apartments nationwide often means increasing the level of self-insured losses caused by fires, natural catastrophes or the negligence of their residents and tenants. The Greenguard program offers property owners and managers an opportunity to provide protection for such losses while offering their residents and tenants convenience in complying with insurance requirements under their lease or rental agreements.
More information on Greenguard, can be accessed by contacting Chris Kramer, Managing Director of Green Mountain, who commented: “We are excited about the launch of the Greenguard program as its ease of participation and lack of financial risk will entice candidates to use our program. For agents/brokers seeking to fortify their relationship with their clients in multifamily, residential, and tenant occupied property industries, Greenguard can provide a unique service and benefits.”
Strategic Risk Solutions (“SRS”), the premier provider of management and consulting services to the captive insurance industry with over 500 captive programs under management, will provide captive management services to the Greenguard program. SRS is also a shareholder in Green Mountain and helped design the program.
Brady Young, SRS’s President, stated “we are pleased to support this new program in a sector where greater transparency is needed and both tenants and property owners/managers can benefit over the current fully insured products being sold today. We have large clients that already do this on their own but this program will enable mid-size companies to access the same benefits on a turn key basis with no upfront investment.”
More information about the Greenguard profit center program can be obtained from the Greenguard website or by contacting Chris Kramer (firstname.lastname@example.org), Managing Director, Green Mountain Sponsored Captive Insurance Company
About Green Mountain Sponsored Captive Insurance Company
Green Mountain is a protected cell captive insurance company domiciled in Vermont. Licensed in 2012, Green Mountain and its clients are the beneficiaries of Vermont’s highly commended governance and regulatory environment. Green Mountain offers a turn-key captive solution in the largest US domicile. Green Mountain cells include captive programs insuring traditional property & casualty risk as well as group medical stop loss programs. Green Mountain is owned by SRS, Elevanta an association management organization and Southern Insurance Underwriters, a certified Managing General Agency. For more information visit www.gocaptivegogreen.com.