Member owned nationwide captive program designed for best in class auto and truck dealer operations who have experienced the instability of the marketplace and insurer's unwillingness / inability to provide cost effective insurance solutions.
Target Classes
Auto and Truck Dealerships
Minimum Premium
$250,000 in total captive premium (liability and/or workers' compensation)
Captive Coverages
Liability and Workers' Compensation
Other Coverages
Property, EPLI, Cyber, and Umbrella (lead & excess up to $25M) outside captive
Traditional Insurance
• Determines rating structure
• Takes control of handling claims
• Keeps all Underwriting Profit
Captive Insurance
• Members control access to Group
• Members have claims authority
• Members get return of underwriting profit
Benefits of a Group Captive
• Stabilized Premiums
• Claims Settlement Authority - 24 hour access to claims
• Choice of Counsel
• Opportunity for Return of Underwriting Profits
• Enhanced / Customized Loss Control Services
• Ability to control membership
• Leverage in purchasing power for Reinsurance, Excess, and other insurance
Novum has the ability to provide a cost analysis to any dealer interested in exploring the Captive concept within 48 hours with five year historical premium, losses, and exposures. This is an excellent sales tool to show your dealers what they could see for return in profits over the course of 5 years.