WILMINGTON, Del. (PRWEB) July 17, 2020
PoolRe Insurance Corp. has received and is evaluating stop-loss claims for its quota share participants for losses related to the COVID-19 pandemic. While most commercial insurance policies have sought to exclude pandemic-related losses, certain coverages issued by insurers participating in PoolRe’s stop loss and quota share programs have submitted claims related to the pandemic that may call into effect coverage.
PoolRe serves the captive insurance industry by providing a stop-loss insurance pool that allows participating captives to reduce their overall risk by reinsuring certain losses to a pool that is shared among participants. Many hundreds of insureds participate in the arrangement. Stop loss coverages which PoolRe offers include claims related to regulatory changes, loss of services, and trade/supply chain disruption issued by participating captive insurers some of which may implicate COVID-19 pandemic related claims.
PoolRe is currently receiving claims from participating insureds from COVID-19 related loss events. Just as captive insurance companies have allowed many American businesses to weather the storm of the current economic crisis brought on by COVID-19, PoolRe is assisting those companies in distributing risks among participating insurers. Just last year, the PoolRe administered risk pool provided stop-loss coverage on claims related to trade disputes and disruptions as a result of increased tariffs and other trade restrictions.
If a company providing your insureds coverage is currently a participant in the PoolRe administered risk pool, you are encouraged to provide notice of all claims to your captive and its insurance manager and to PoolRe. If you have a captive insurance company and would like more information about joining the PoolRe risk pool, please contact Lance McNeel at lmcneel@CapstoneAssociated.com.