Posted: Saturday, October 12, 2013 12:30 PM
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Savings Under Self-Insurance. While there will be year to year chance fluctuations in loss costs, a reasonable basis for cost comparisons between self- insurance and the cost of insurance is an examination of the components of an insurance premium. These are: (1) a provision for losses; (2) claims handling and loss control expenses; (3) general administrative expenses; (4) commissions; (5) premium tax, and (6) risk charge. The largest element in the insurance premium is the provision for losses. Hence, it represents the largest potential source of savings from self- insurance. On the other hand, it is the least reliable or predictable due to the possible variations in loss amounts. The major sources of saving are likely to be found in the premium charge for administrative expenses, commission, risk charge, and premium taxes. In making cost comparisons, self-insurance savings obviously must arise out of cost reductions in the insurance premium component. Although investment income is not explicitly calculated as a part of fire and casualty insurance premiums, it is considered in determining total margins for profit and contingencies. Hence, also implicit in self-insurance savings is the possible effect of investment income on the self- insurance contribution. Stop Loss Insurance. In order to provide a safety margin, a limit to the amount payable under a self- insurance program should be set. For protection against large losses a self-insurer must negotiate excess risk or stop-loss insurance. Stop-loss insurance involves a guarantee from a reinsurer to the self- insured that losses in excess of an agreed upon amount will be paid by the reinsurer. Note that reinsurance is discussed in
For additional information on auto insurance requirements, please visit California Department of Insurance.
For more information on Fresno, please go to Official Site for Fresno.
• Location: Fresno, Fresno CA
• Post ID: 5581960 fresno