The CPA Journal published an article co-authored by Food & Beverage Services Leader Louis Biscotti, about risk management through captive insurance.
CPA Journal
By Louis Biscotti, Food and Beverage Services Leader & Joseph W. Tucciarone
Excerpt:
A captive insurance company is a subsidiary formed by a private company to finance its retained losses in a formal structure under the guidance of an appropriate state insurance department. Captive insurance companies are normally formed to supplement commercial insurance, allowing companies to retain the money that would otherwise be spent on insurance premiums.