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18th of May 2012

Ports America captive redomesticates to New Jersey

Vicky Beckett 20/01/2012

Ports America redomiciled its New York pure captive to New Jersey in December.
 
As the state’s third captive licensed, Ports Insurance Company, covers longshore workers’ compensation and liability exposure.
 
Ports America’s captive has provided deductible indemnity coverage for most other liability exposure, including general liability and Stevedores/terminal operator’s liability.
 
The company is authorised by the US Department of Labor to underwrite longshore workers compensation coverage.
 
It is conceivable that Ports America, headquartered in Jersey City, considered this aspect in its decision to redomesticate to New Jersey as well.
 
"By my estimate, the annual premium taxes for these first three New Jersey captives will eventually grow to exceed $450,000," said Gregg Sgambati, president of the New Jersey Captive Insurance Association.

Tags: Captive, Gregg Sgambati, Insurance, Liability exposure, Longshore, New Jersey, New Jersey Captive Insurance Association, New York, Ports America, Workers compensation

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