Cheap Car Insurance in San Diego CA, Save $679 (FREE Quotes)
Posted: Wednesday, March 20, 2013 8:55 AM
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The Self-Insurance Program. The establishment of a formal self-insurance program entails the following steps. First, a determination must be made with respect to whether self-insurance is advisable in terms of the structure, products or services of the entity. Finances must be thoroughly examined and a formal or informal method for setting aside reserves must be devised. A provision must be made for administrative services. The last step is the negotiation of insurance to provide coverage for losses that exceed the self-insurance retention limits. Self Insurance Plan Considerations Since self-insurance does, not involve a transfer of risks as is true if commercial insurance is purchased, when the actual value of claims incurred exceeds the estimated and projected value, the difference is borne by the self-insurer. Accordingly, a basic condition favoring self-insurance is the presence of a loss exposure that produces fairly predictable losses. Self-insurers are exposed to greater fluctuation in financial experience than that pertaining to an insurance program. The financial ability to absorb those fluctuations is essential in the self-insurance program. Self-insurance, like any other type of insurance, must adhere to scientific insurance principles if it is to be financially sound. One of the most significant considerations when an organization is planning to self-insure is its current financial position and cash flow capability.
For additional information on auto insurance requirements, please visit California Department of Insurance.
For more information on San Diego, please go to Official Site for San Diego.
• Location: San Diego, San Diego CA
• Post ID: 11985157 sandiego