OCCURRENCE – An adverse contingent accident or event neither expected nor intended from the point of view of the insured.  With regard to limits on occurrences, property catastrophe reinsurance agreements frequently define adverse events having a common cause and sometimes within a specified time frame.

OCCURRENCE BASIS – In order for coverage to be provided, the incident creating a claim needs to occur within the policy period.  It is not necessary for the claim to be reported during the insurers underwriting different types of liability risks to avoid ungainly multi-state licensing statutes.  Must be owned by insureds.

OCCURRENCE POLICY – A policy covering claims that arise out of an event which took place during the policy period, regardless of when a claim is made.

OFFSET CLAUSE – A provision in reinsurance agreements which permits each party to net amounts due against those payable before making payment; especially important in the event of insolvency of one party which ceases to remit amounts due to the other.

OWNERS AND CONTRACTORS PROTECTIVE LIABILITY (OCIP) INSURANCE – A support attachment to commercial general liability insurance purchased by the owner of a business with premium paid by the owner.  Typically covers contractors and subcontractors.

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After experiencing tremendous losses due to a natural disaster uncovered by my commercial carrier, I knew it was time to form a captive and shopped around for a captive manager...we couldn’t be happier that we chose Elevate.

Joe M.

Communication is quick and effective, documents are always organized and available and my questions are always answered efficiently and professionally.

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We chose Elevate because of their reputation in our business community, and their services have exceeded expectations. We trust Elevate.

John R.

I have worked with Jerry Messick and the Elevate Captive team since 2012. They have been instrumental in guiding us properly on how to implement and run a captive successfully. The due diligence and proactive service on the part of the Elevate team is unrivaled. Their product knowledge and how to use the instrument to our benefit, while providing sound risk management and compliance principles is another huge differentiating factor for their firm. In addition, the team of experts that Elevate has referred us to in the legal and financial advisory areas has turned out to be top notch. The Captive is only as good as the entire team. Finally, it has to be mentioned that we “just plain like” Jerry and Co.. Friendly, smart and easy to work with. A real pleasure.

John H.