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Archive - Jan 2008

  • strict warning: Non-static method view::load() should not be called statically in /home/addison/public_html/sites/all/modules/views/views.module on line 1118.
  • strict warning: Declaration of views_handler_field::query() should be compatible with views_handler::query($group_by = false) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_field.inc on line 1148.
  • strict warning: Declaration of views_handler_sort::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_sort.inc on line 165.
  • strict warning: Declaration of views_handler_sort::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_sort.inc on line 165.
  • strict warning: Declaration of views_handler_sort::query() should be compatible with views_handler::query($group_by = false) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_sort.inc on line 165.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 599.
  • strict warning: Declaration of views_handler_filter::query() should be compatible with views_handler::query($group_by = false) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 599.
  • strict warning: Non-static method views_many_to_one_helper::option_definition() should not be called statically, assuming $this from incompatible context in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter_many_to_one.inc on line 25.
  • strict warning: Non-static method views_many_to_one_helper::option_definition() should not be called statically, assuming $this from incompatible context in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter_many_to_one.inc on line 25.
  • strict warning: Declaration of views_plugin_query::options_submit() should be compatible with views_plugin::options_submit($form, &$form_state) in /home/addison/public_html/sites/all/modules/views/plugins/views_plugin_query.inc on line 181.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home/addison/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 136.
  • strict warning: Non-static method view::load() should not be called statically in /home/addison/public_html/sites/all/modules/views/views.module on line 1118.
  • strict warning: Declaration of image_attach_views_handler_field_attached_images::pre_render() should be compatible with views_handler_field::pre_render($values) in /home/addison/public_html/sites/all/modules/image/contrib/image_attach/image_attach_views_handler_field_attached_images.inc on line 112.
  • strict warning: Declaration of views_handler_area::query() should be compatible with views_handler::query($group_by = false) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_area.inc on line 81.
  • strict warning: Declaration of views_handler_area_text::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_area_text.inc on line 121.
  • strict warning: Non-static method view::load() should not be called statically in /home/addison/public_html/sites/all/modules/views/views.module on line 1118.
  • strict warning: Non-static method views_many_to_one_helper::option_definition() should not be called statically, assuming $this from incompatible context in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter_many_to_one.inc on line 25.
  • strict warning: Non-static method views_many_to_one_helper::option_definition() should not be called statically, assuming $this from incompatible context in /home/addison/public_html/sites/all/modules/views/handlers/views_handler_filter_many_to_one.inc on line 25.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home/addison/public_html/sites/all/modules/views/plugins/views_plugin_style_default.inc on line 24.
Date
Type

January 3rd

Vermont leads the nation in insurance niche

January 3, 2008

By MEGAN JAMES

ADDISON COUNTY — When former state Rep. Mark Young of Orwell got his first crash course in Vermont’s captive insurance industry 15 years ago, the rest of the country was suspicious of what the Green Mountain State was up to.

At the time, only a handful of states had laws to license captive insurance companies, which a business may form if it wishes to insure its own risks, rather than get coverage from an outside insurance company.

Once known as “offshore” insurance companies, captives have traditionally operated out of places like Bermuda and the Cayman Islands. But back in 1992, Vermont’s captive industry was already on its way to becoming the largest in any state in the country.

Today, it is the second largest in the world, and the economic benefits for Vermont are undeniable. Besides creating employment opportunities for young Vermonters with a college degree — there are nearly 1,500 related jobs — the industry brought in $24.3 million last year in tax revenue.

“And think about it, there’s no smoke, there’s no pollution, no trailer trucks coming in and out,” Young said. “It’s a huge thing for Vermont.”

In 2003, the last time the state released a comprehensive evaluation of the captive industry’s economic impact, 1,429 Vermonters worked in the industry. The average salary for those jobs was $55,179, about 60 percent above the average private, non-farming job in Vermont, according to Dan Towle, Director of Financial Services at the Vermont Department of Economic Development.

This year 814 businesses have captive insurance licensed in Vermont, and $11.5 billion has flowed through the state in premium payments.

“Vermont started from humble beginnings, and now we’re the second largest in the world (behind Bermuda),” Towle said.

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