MINNEAPOLIS ─ AUG. 4, 2020 ─ The Captive Insurance Companies Association (CICA) today announced the organization has settled its event cancelation insurance claim with Tokio Marine HCC for the 2020 CICA International Conference, which was cancelled due to COVID-19. The association shared previously that it had purchased event cancelation coverage for the event and was optimistic about navigating a successful claim.
CICA President Dan Towle says “Prudent insurance policy review is an important process for all organizations. In reviewing our insurance policies, CICA made the decision to add event cancelation insurance for the first time in its history in 2019. We also decided to include the option of ‘communicable disease coverage’ for the annual conference. This decision proved to be both timely and wise.”
Towle went on to thank former CICA Board Chair Steve McElhiney, president of EWI, Re, Inc. at that time and now with Artex, for his thorough work in finding the best coverage options for CICA to consider.
“Having event cancellation insurance is about planning for the unexpected. No one expects that a pandemic is going to lead to cancelling your conference, but the coverage was available to us and we decided it was prudent to obtain. The insurance coverage did what is was supposed to do and was invaluable to our association” Towle said.
Current CICA Board Chair, Lance Abbott, president BevCap Management, LLC, said “I am grateful for Dan and Steve’s efforts. We are very fortunate to have purchased comprehensive coverage with a respected carrier. The settlement of the claim will ensure CICA will remain a strong, vibrant and healthy organization. It will allow us to continue to deliver outstanding education and member benefits without any reduction in services.”
Towle also thanked Tokio Marine HCC for their professionalism and thoroughness in the handling of CICA’s claim.
Plans are underway for CICA’s 2021 International Conference March 14-16 at the Westin Kierland, Scottsdale, Arizona.