Artex is set to launch a new alternative risk programme designed for the transportation industry.
The new rent-a-captive, Transportation Owners Protection Insurance Cell (TOPIC), will offer the advantages of captive ownership but with the ease of renting, according to Artex.
Artex suggested that advantages include the potential return of underwriting profit, as well as unbundled claims handling, loss control and claims advocacy services.
TOPIC coverage include workers compensation, commercial auto and general liability, with a minimum annual premium of $250,000 for all lines.
It was noted that dry van, refrigerated goods, grain and agricultural products, flatbed operations, and sand and gravel exposures are excellent candidates for TOPIC.
Martin Hughes, executive vice president of underwriting at Artex, commented: “The transportation industry is facing a number of challenges, ranging from restricted insurer capacity, expanded regulations and driver shortages, to name just a few.”
He added: “Our clients are looking for expanded alternative risk options to service their insurance needs. TOPIC provides for the addition of a rent-a-captive solution, which combined with other Artex products, further rounds out the range of solutions available to the transportation industry.”
