CIC Services and the Ragnar Group announced Wednesday that they launched a group captive insurance program for restaurants and bars.
Domiciled in Utah, the group captive applies underwriting guidelines that consider hours of operation, type of alcohol served, entertainment options and management practices to align businesses with similar risk profiles.
The captive is open to bars, pubs, nightclubs and fine dining restaurants, but gentlemen’s clubs are excluded. Cash-only businesses, wedding and special event venues or businesses with mechanical riding devices will not be covered.
“The vast majority of restaurants and bars are fundamentally misidentified when it comes to risk,” Ragnar Group CEO Andrew R. Reina said in a statement. “By introducing more precise guidelines and what we call ‘community underwriting,’ we believe this captive offers a fairer, more transparent solution to owners who have grown frustrated with traditional insurance models.”