With Phil High (farmer), Nolan High (farmer), and Cory Walters, Associate Professor, Agricultural Economics, UNL.
In this webinar, Dr. Cory Walters, associate professor of agricultural economics at UNL, will visit with Phil and Nolan High -- a father and son who farm in Nebraska -- that are facing the insurance premium/farm financial pinch. They are taking an innovative approach to insurance that allows them flexibility not available in the traditional insurance market. The underlying concept highlighted will be the role of insurance ‘captives’. The webinar will focus on how the Highs have approached the use of a insurance captive on their farm.
What is captive insurance?
According to the National Association of Insurance Commissioners, a captive, in its simplest form, is a wholly owned subsidary created to provide insurance to its non-insurance parent company (or companies). Captives are essentially a form of self-insurance whereby the insurer is owned wholly by the insured. They are typically established to meet the unique risk-management needs of the owners or members.
Captive insurance and agriculture
Farmers and ranchers using captive insurance can potentially allow for flexibility not available in the traditional insurance market.
3 possible benefits of captive insurance
- Cost savings
- More flexibility in financial planning
- Improved control over risk management
Questions? Email Dr. Cory Walters at cwalters7@unl.edu.