Talisman Casualty Insurance Co. of Nevada has launched a surety program designed to help its captive clients avoid the possibility of losses caused by a failure on the principal’s part to meet the obligations of their contracts.
Surety bonds are promises made by guarantors to pay one party a certain amount if another party fails to meet the requirements of a contract. Talisman Casualty offers a variety of different types of surety bonds designed for a variety of different clients. One of its specialty bonds is a legal or court bond where a party litigating against another party can post a bond as security in the event that they are unsuccessful in their case and face a judgment that may include the cost of the defendant’s legal defense.
According to the company, in the captive insurance model, a smaller number of principals participate in the coverage capacity so the relationship can be more personal and the design of the bonds can be flexible to meet the needs of the current business environment and evolving risk.
Talisman Casualty also offers a payment and performance bond, often used in the construction industry as a form of protection for an owner that their contractor will complete their work according to the contract and that he or she will pay all of their subs and suppliers. Compliance and licensing bonds are another type of surety bond available, used to maintain a professional license or to obtain permits. There are typically statutory requirements for these types of bonds. Court and legal bonds cover a wide range of court actions, including everything from bail and release of lien to adverse cost judgment and more.
Talisman Casualty Insurance Company is a protected cell captive insurance company based in Nevada that serves the specialty insurance sector by offering protected cells to underwriters who have seasoned books of business and need a regulated vehicle to transfer risk and direct access to capacity through reinsurance and alternative risk finance markets. The insurance company only provides commercial coverage to businesses that participate in an underwriting cell.
According to the company, protected cell captive insurance companies will benefit from a new product and expanded capacity due to restricted markets.
“By establishing unique underwriting cells the risk can be segregated, collateralized and ceded-all within a legally ring-fenced structure-many experts believe that half of the property and casualty insurance premium in the United States has captive insurance company involvement. Most S&P 500 companies utilize captive insurance but the use is becoming much broader since insurance agencies, associations, and smaller companies are partnering with existing captives,” the company said.
Topics Casualty
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
Chubb to Acquire MGA Healthy Paws From Aon 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Allstate Reports $731M in Q1 Pretax Catastrophe Losses 
