Improving Safety Measurement System Results
BRAKES, LIGHTS, AND TIRES ARE MY MOST COMMON VIOLATIONS. HOW CAN I IMPROVE MY SMS RESULTS?
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Risk financing Captives are more than coverage: they’re ownership.
For trucking companies that want greater control of their insurance costs, Great West has created PowerTech® Elite, a member-owned Captive program. This group Captive is designed for best-in-class fleets that want to play a bigger role in their risk management.
Captive programs provide your trucking company a unique opportunity to control risk and manage claims.
Captives are organized in a group structure and are designed for mid- to large-sized motor carriers who are comfortable taking on more risk. In exchange, you maintain 100 percent ownership of your underwriting and investment income.
PowerTech® Elite is a Captive exclusively for motor carriers interested in long-term financial strength and stability.
The PowerTech® Elite is a member-owned risk financing Captive. Its motor carrier members determine how the Captive’s assets are invested and spent and actively participate in decisions influencing underwriting, operations, and investments.
Each owner-member pays premiums to fund the Captive’s loss fund and reinsurance. Member premiums earn interest income until claims and expenses are paid out. Any balance left from the loss fund is then returned to owners in accordance with state insurance requirements and the desire of the board of directors of the Captive.
The Captive is incorporated, regulated, capitalized, and accountable.
Motor carriers seeking long-term control and stability of their risk are a good fit for the PowerTech® Elite group Captive.
Motor carriers with shared insurance needs and above-average safety performance can benefit through their mass purchasing power. Being a member of PowerTech® Elite provides greater long-term control over your premiums and stability, with lower operational and administrative costs.
When you join a Captive, you’re an insurance company owner. The premiums your members pay establish your loss fund. Your loss fund earns interest income until claims and expenses are paid. Any remaining balance is returned to member-owners through dividends in accordance with state insurance requirements and the direction of the board of directors of the Captive.
All PowerTech® Elite members have predictable monthly premium payments.
To join PowerTech® Elite, a one-time $30,000 capital contribution is required.
Members may be allowed to take their current year’s insurance premium expense as a tax deduction.
Members of PowerTech® Elite have a vested interest in each other’s performance and share risk control best practices. PowerTech® Elite facilitates knowledge sharing, benchmarking, and a club-like atmosphere for its members.
Your insurance policy is issued by Great West Casualty Company, and Captive members receive access to special safety and claims liaisons.
The PowerTech® Elite Captive can shelter your trucking company from insurance market volatility. By joining with other member-owners focused on risk control, you also reduce your likelihood of subsidizing premiums for companies with high loss experience. Captive members achieve stabilized risk financing over time.
The PowerTech® Elite Captive provides broad coverage for growing fleets. As a member, you enjoy the benefits of ownership and the services — such as unmatched safety and claims services — that you expect from Great West.
At Great West, we are 100% focused on insuring trucking companies. Through our 65+ years of trucking experience, we understand what it takes to create a successful insurance program and provide outstanding service to our clients.
We also have more than 20 years of experience working with Captive programs in partnership with Alternate Risk Underwriting LLC.
If you’re a motor carrier with a long-term mindset for managing the overall cost of your risk, our team of trucking insurance experts would be happy to walk you through the evaluation process and help you assess the benefits and options of PowerTech® Elite membership.
This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.
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