APC 2011 Annual Report Download - page 43
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412011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
DESCRIPTION OFTHEGROUP, ANDITSSTRATEGY, MARKETS ANDBUSINESSES
1
RISK FACTORS
•in North America, a captive insurance company based in the US
(Vermont) is used to standardise deductibles for Civil Liability and
Road Accident primary policies. Self-insured retentions range
from USD1million to USD5million per claim, depending on the
risk. The maximum annual retention is USD15 million for Civil
Liability risk. An actuary validates the provisions recorded by the
captive reinsurance company each year.
The cost of self-insured claims is not material at the Group level.
Cost of insurance programs
The cost of the Group’s main insurance plans, excluding captive
reinsurance, totalled around EUR21million in 2011.