Most private insurance policies waive tribal sovereign rights, in multiple ways: The safety of Indian country depends on it.
Jndian recently advocated that capable tribal governments form single parent captive insurance companies to insure their own risk of losses, rather than continue to purchase expensive insurance insuring indian outside private insurers. At the same time, self-insurance allows tribes to avoid hidden state private insurance taxes; create new tribal jobs and insurance coverage tailored to life on the reservation, and control the indiian of their sovereignty.
The enthusiastic response from tribes, tribal business insuring indian casino the insurance industry has confirmed that the time is right insurong Indian country casino self-insure. Your thoughtful responses revealed the need for more discussion and explanation. Yes, some tribes are ready.
In fact, some tribes are already self-insuring through their own captives. Sincethe Mashantucket Pequot Tribe has owned and operated a captive insurance company on its reservation. Pequot began the due diligence on forming its own insurer in Pequot invites other tribes to insure through its captive. The Navajo Nation reportedly also self-insures its property and casualty risk through its own captive insurance company.
Typically and wisely, a tribal self-insurer like Pequot or Navajo will obtain reinsurance to protect from catastrophic losses. Pequot reports significant direct and indirect insurance cost savings, which they have reinvested in the company and tribe.
For the time being, Blackfeet purchases private property and casualty insurance. So, not only can tribes run captive indkan companies, many already are. Many more should do the same. A multi-tribe insurer would be what is known as a group captive.
For the tribal housing authorities who co-own AMERIND, they have pooled their risk and profits to create a group captive; they have self-insured together. In time, all tribes could unite to create a formidable grassroots insurance company. First Americans is twin river casino lincoln r i state-chartered insurance brokerage company.
First Americans idnian in hot legal water for conducting what is reported to be a Ponzi scheme — one that generates returns for existing investors by acquiring new investors until there is not enough money to go around and the scheme unravels.
Cqsino tribes with no coverage to show for the premiums they paid First Americans are looking for insurance and hopefully evaluating claims against their brokers. While the First Americans scam provides yet more reason for tribes to insure themselves through their own captives, it is also a tell-tale warning for any tribe contemplating formation of a captive insurance company: The safety of Indian country depends on it.
Galanda and James L. Galanda, a firm partner, is an enrolled member of the Round Valley Indian Tribes. Part 2 We recently advocated that capable tribal governments form single parent captive insurance companies to insure their sports gambling businesses risk of losses, rather than continue to purchase expensive insurance from outside private insurers.
Interested in more information on Native Indian Nation? Visit Our Nations Directory. Credit Card Identification Number This number is recorded as an additional security precaution. American Express 4 digit, non-embossed number printed above your account number on the front of your insuring indian casino. Visa 3-digit, non-embossed number printed on the signature panel on the of the card immediately following the card account number.
MasterCard 3-digit, non-embossed number printed on the signature panel on the back of the card. Enter Your Log In Credentials. Send this to a friend Your email Recipient email Your message Hi, I thought you might find this interesting: Holding big insurance captive URL:All types of casinos and hotel-casinos are eligible in every state. We can insure the hotel/casino and ancillary operations of tribal casinos including event space. Kaercher is a leading insurance broker for the gaming-and hospitality industry. this industry including casino, riverboat and Indian gaming, hotels and resorts. As seen in Indian Gaming Magazine. There is a lot to consider when it comes to protecting tribal property and employees and covering liability exposures.