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Note 25 - Captive Insurance Company | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Captive Insurance Disclosure [Text Block] | 25. Captive Insurance Company: In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider. From October 1, 2007 through December 31, 2023, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $14.2 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through February 1, 2021. Beginning February 1, 2021 through February 1, 2025, ULAE is billed on a fee per claim basis ranging between $53 and $1,599 based on the claim type. These amounts do not erode the Company’s per occurrence or aggregate limits. As of December 31, 2023, the Company maintained letters of credit in the amount of $24.7 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers. Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2023 and 2022 is summarized as follows (in thousands):
|  | 2023 |  |  | 2022 |
Balance at the beginning of the year |  | $ | 20,202 |  |  | $ | 19,655 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 6,097 |  |  |  | 5,694 |
Prior years (1) |  |  | 2,644 |  |  |  | 125 |
Total incurred |  |  | 8,741 |  |  |  | 5,819 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | (817 | ) |  |  | (645 | )
Prior years |  |  | (7,243 | ) |  |  | (4,627 | )
Total paid |  |  | (8,060 | ) |  |  | (5,272 | )
Balance at the end of the year |  | $ | 20,883 |  |  | $ | 20,202 |
(1) | Relates to changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses.

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- Definition The full disclosure on the captive insurance company established with the specific objective of insuring risks emanating from their parent group or groups, but they sometimes also insure risks of the group's customers.This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more control over how they are insured. + References No definition available. + Details
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- References No definition available. + Details
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