Insuredcool.com is a start up nationwide auto & business Group Captive Insurance Company 100% owned by it’s independent professional driver & fleet owner policy holders who use a vehicle in their line of commerce : Tech, Transportation, Trade, & Service Industry
New group owned insurance platform to attract millions of Americans looking for a real insurance solution (and way out of poor house)
Say bye bye to exclusions and hassles. Say bye bye to commercial and personal insurance policy semantics.
- Nationwide platform similar to Uber’s off shore James River Insurance
- New insurance business model for the sharing gig worker economy that replaces the need to choose between a commercial and personal policy for any vehicle used for commerce (excludes commercial tractor & trailors)
- Preempt local and state insurance regulators and regulations. This new business model is similar to Uber in that it is a nationwide platform. The insurance industry has made to attempt to offer a policy that actually provides coverage at an affordable cost
- Elaine Chao, Uber, and Lyft should support this new insurance business model regulated on Federal #Fintech #Insurtech level
- Investments made by group captive will be low risk (think non traunchey non market crashing type investments
- Dividends may be reinvested by policyholders. Dividend distribution calculated by amount of units of equity a policy holder has
Policy based on X$ per $1000 dollars of coverage for each category (categories can be combined)
- Propery damage
- General liability
- Natural disaster
- Bodily Injury Liability
Policy holder earn 1 unit of equity in group captive for each dollar paid in premiums. If policy holder is at fault in a crash he forfeits his units in amount equal to loss payout on his claim to prevent fraud and double dipping
Percentage of equity does not equal hostile takeover rights. All decisions made by Group Captive are equity neutral.
Group Captive owned by trust to protect against lawsuits
Group Captive set up in no state income tax state
Operation costs incl Captive Management Firm , attorney for Group, tax accountant for group will be generated via a service fee on top of premium price to keep transparent accounting
Policy will be ala carte. Policy is contingent to any insurance offered by Uber, Lyft, Amazon etc. Policy is never primary if TNC provides app on coverage.
For taxi drivers policy is contingent to any fleet insurance coverage (if passenger is covered but not your pip or your taxi for example)
DRIVER can ala carte add needed coverage
Drug test will be required pre policy?
Car Inspection required pre policy?
Partner with PayPal to be fintech provider and premium processor for insuredcool.com
PayPal offers reputation, transparency, and is working on federal level to expedite fintech insurtech adoption
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