Talisman Casualty Insurance Company LLC Reveals Details of Their Surety Program
Talisman Casualty Insurance Company LLC a protected cell captive insurance company in Las Vegas, Nevada, has revealed the details of their surety program. Through this program, they offer various types of surety bonds. A surety bond or surety represents a promise by a guarantor to pay one party, known as the obligee, a certain amount if the second party, also known as the principal, fails to fulfill the terms of a contract or meet some obligation. The surety bond functions as a protection for the obligee against losses in case the principal fails to meet an obligation.
There are a number of advantages of the surety program through Talisman Casualty Insurance Company LLC, because it is based on the protected cell captive insurance model. There are fewer principals participating in the coverage capacity in the captive insurance model. Thus, the relationship is much more personalized and the design of the bonds may be flexible enough to meet the requirements of the modern business environment and the corresponding evolving risk.
A spokesperson for Talisman Casualty Insurance says, “Surety products are slow to respond to the evolving risk transfer preference in financed transactions, but captive insurers may hold the key.”
One type of surety bond being offered by Talisman Casualty Insurance is the payment and performance bond. This is commonly used in the construction industry to protect the owner in case the contractor fails to complete the construction project or in accordance with the agreed upon specifications. It also serves as a guarantee that the contractor will pay all of his subcontractors and suppliers.
Another type of surety bond provided by Talisman Casualty Insurance is the compliance and licensing bond. This kind of surety bond is commonly used in obtaining permits or maintaining a professional license. And there are usually some statutory requirements for compliance and licensing bonds.
The third type of surety bond available through Talisman Casualty Insurance is the court and legal bond. These bonds can cover a broad range of court actions such as release of lien, bail, adverse cost judgment, and many more.
Meanwhile, Talisman Casualty Insurance Company also has a marine program. This program also applies the cell captive insurance model and is designed for fishing operations, marine contractors, and other business owners who own assets on the water and require insurance coverage that is tailor-fitted to their objectives.
For their marine program, they offer various kinds of coverage. These include maritime employer’s liability, commercial marine insurance, hull insurance, protection & indemnity insurance, and commercial general liability insurance.
The spokesperson says, “The marine market continues to be under pressure to lower cost in order to stay competitive. Captive insurance will undoubtedly provide the flexibility that readjusting risk management methods and cost will require.”
The maritime employers liability or MEL offers protection for the insured’s employees while working on non-owned or operated marine vessels. Hull insurance offers coverage against damage to a particular marine vessel. Protection and indemnity coverage is a form of liability insurance that covers all maritime liability risks related to the operation of a marine vessel, aside from that covered by the workers compensation policy and the collision clause of the hull coverage. Commercial general liability insurance is for the protection of business owners from liability claims for property damage, bodily injury, and slander & false advertising.
They also offer a pet professional program, which is a small business owner general liability program that has been designed for modern small business owners, and is also based on the protected cell captive insurance model. The captive insurance model provides the flexibility that is needed by dog walkers, pet sitters, pet trainers, and other pet-related services. The required protection for the pet industry is provided through a combination of unique claims management, risk expertise, and high degree of interaction between the insured, underwriters, and claims personnel.
People who are interested in knowing who owns Talisman Casualty and learn more about their various programs may want to visit the Talisman Casualty Insurance Company website, or contact them through the telephone or via email.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117