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Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows:

December 31, 2015	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	31,883,439			$	987,595			$	11,734			$	32,859,300
Special revenue issuer obligations of U.S. states, territories and political subdivisions	52,202,815				2,604,152				26,127				54,780,840
Corporate debt securities	17,004,985				539,832				58,473				17,486,344
Auction rate securities	924,587				15,313				—				939,900
Total	$	102,015,826			$	4,146,892			$	96,334			$	106,066,384
Equity securities, available-for-sale, at fair value:
Common stocks	$	23,855,873			$	13,785,968			$	128,377			$	37,513,464
Total	$	23,855,873			$	13,785,968			$	128,377			$	37,513,464
Short-term investments:
Money market funds and certificates of deposit	$	6,865,406			$	—			$	—			$	6,865,406
Total	$	6,865,406			$	—			$	—			$	6,865,406

December 31, 2014	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	35,215,247			$	1,527,794			$	19,542			$	36,723,499
Special revenue issuer obligations of U.S. states, territories and political subdivisions	46,707,033				2,405,725				55,502				49,057,256
Corporate debt securities	21,576,641				823,133				71,339				22,328,435
Auction rate securities	922,129				16,971				—				939,100
Total	$	104,421,050			$	4,773,623			$	146,383			$	109,048,290
Equity securities, available-for sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	24,128,753			$	15,225,459			$	99,231			$	39,254,981
Total	$	24,128,753			$	15,225,459			$	99,231			$	39,254,981
Short-term investments:
Money market funds and certificates of deposit	$	2,576,993			$	—			$	—			$	2,576,993
Total	$	2,576,993			$	—			$	—			$	2,576,993

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2015 were as follows:

	Available-for-Sale
	Amortized Cost				Fair Value
Due in one year or less	$	14,677,669			$	14,877,469
Due after one year through five years	41,214,199				42,796,111
Due five years through ten years	42,879,329				44,682,558
Due after ten years	3,244,629				3,710,246
Total	$	102,015,826			$	106,066,384

Schedule of Earnings on Investments

Earnings on investments for the years ended December 31 were as follows:

	2015				2014				2013
Fixed maturities	$	3,439,296			$	3,282,810			$	2,997,901
Equity securities	1,086,365				973,419				890,917
Invested cash and other short-term investments	5,605				3,202				5,754
Miscellaneous interest	53				70				36
Investment income	$	4,531,319			$	4,259,501			$	3,894,608

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows:

	2015				2014				2013
Gross realized gains:
Corporate debt securities	$	5,417			$	6,670			$	—
Common stocks and nonredeemable preferred stocks	1,572,636				1,021,463				369,673
Total	1,578,053				1,028,133				369,673
Gross realized losses:
General obligations of U.S. states, territories and political subdivisions	(12,319		)		—				—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(397		)		—				—
Common stocks and nonredeemable preferred stocks	(846,500		)		(509,854		)		(180,169		)
Other than temporary impairment of securities	(751,059		)		(14,542		)		—
Total	(1,610,275		)		(524,396		)		(180,169		)
Net realized (loss) gain	$	(32,222	)		$	503,737			$	189,504
Net realized (loss) gain on other investments:
Impairments of other assets and investments	$	(233,069	)		$	(10,062	)		$	(34,070	)
Net gain on other assets and investments	149,128				45,288				48,946
Net loss on other assets and investments	—				(270,669		)		(8,580		)
Total	$	(83,941	)		$	(235,443	)		$	6,296
Net realized (loss) gain on investments	$	(116,163	)		$	268,294			$	195,800

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2015 and 2014:

	Less than 12 Months								12 Months or Longer								Total
December 31, 2015	Estimated Fair Value				Unrealized Loss				Estimated Fair Value				Unrealized Loss				Estimated Fair Value				Unrealized Loss
General obligations of U.S. states, territories and political subdivisions	$	1,758,345			$	(11,734	)		$	—			$	—			$	1,758,345			$	(11,734	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,672,217				(5,139		)		1,183,963				(20,989		)		2,856,180				(26,128		)
Corporate debt securities	6,981,275				(58,472		)		—				—				6,981,275				(58,472		)
Total fixed maturity securities	$	10,411,837			$	(75,345	)		$	1,183,963			$	(20,989	)		$	11,595,800			$	(96,334	)
Equity securities	5,533,667				(128,377		)		—				—				5,533,667				(128,377		)
Total temporarily impaired securities	$	15,945,504			$	(203,722	)		$	1,183,963			$	(20,989	)		$	17,129,467			$	(224,711	)

December 31, 2014
General obligations of U.S. states, territories and political subdivisions	$	2,113,194			$	(19,542	)		$	—			$	—			$	2,113,194			$	(19,542	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	3,946,977				(13,453		)		1,182,390				(42,049		)		5,129,367				(55,502		)
Corporate debt securities	6,924,430				(71,339		)		—				—				6,924,430				(71,339		)
Total fixed maturity securities	$	12,984,601			$	(104,334	)		$	1,182,390			$	(42,049	)		$	14,166,991			$	(146,383	)
Equity securities	930,208				(71,669		)		141,280				(27,562		)		1,071,488				(99,231		)
Total temporarily impaired securities	$	13,914,809			$	(176,003	)		$	1,323,670			$	(69,611	)		$	15,238,479			$	(245,614	)

Schedule of Assumptions Used to Determine Fair Value

The following table summarizes key assumptions the service used to determine fair value as of December 31, 2015 and 2014:

	2015		2014
Cumulative probability of earning maximum rate until maturity	—%		—%
Cumulative probability of principle returned prior to maturity	95.2%		95.2%
Cumulative probability of default at some future point	4.8%		4.8%

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of December 31, 2015 and 2014.  The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value.  Level 3 assets are comprised solely of ARS.

As of December 31, 2015	Level 1				Level 2				Level 3				Total
Short-term investments	$	6,865,406			$	—			$	—			$	6,865,406
Equity securities:
Common stocks	37,513,464				—				—				37,513,464
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				87,640,140				—				87,640,140
Corporate debt securities* and auction rate security	—				17,486,344				939,900				18,426,244
Total	$	44,378,870			$	105,126,484			$	939,900			$	150,445,254

As of December 31, 2014	Level 1				Level 2				Level 3				Total
Short-term investments	$	2,576,993			$	—			$	—			$	2,576,993
Equity securities:
Common stocks and nonredeemable preferred stock	39,254,981				—				—				39,254,981
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				85,780,755				—				85,780,755
Corporate debt securities* and auction rate security	—				22,328,435				939,100				23,267,535
Total	$	41,831,974			$	108,109,190			$	939,100			$	150,880,264

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2015 and 2014 are presented in the following table:

As of December 31, 2015
Financial Assets	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Cash and cash equivalents	$	21,790,068			$	21,790,068			$	21,790,068			$	—			$	—
Cost-basis investments	3,588,314				3,684,020				—				—				3,684,020
Accrued dividends and interest	1,004,126				1,004,126				1,004,126				—				—
Total	$	26,382,508			$	26,478,214			$	22,794,194			$	—			$	3,684,020

As of December 31, 2014
Financial Assets	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Cash and cash equivalents	$	15,826,515			$	15,826,515			$	15,826,515			$	—			$	—
Cost-basis investments	2,516,608				2,675,817				—				—				2,675,817
Accrued dividends and interest	1,063,837				1,063,837				1,063,837				—				—
Total	$	19,406,960			$	19,566,169			$	16,890,352			$	—			$	2,675,817

Schedule of Fair Value Assets Measured at Unobservable Input Reconciliation

The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2015 and 2014:

Changes in fair value during the year ended December 31:	2015				2014
Beginning balance at January 1	$	939,100			$	935,700
Redemptions and sales	—				—
Realized gain – included in net realized (loss) gain on investments	—				—
Realized loss – included in net realized (loss) gain on investments	—				—
Unrealized gain – included in other comprehensive income	800				3,400
Ending balance at December 31	$	939,900			$	939,100

Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized

The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2015 and 2014 and the related impairments recognized:

December 31, 2015	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost-basis investments	Fair Value		Yes		$	—			$	—			$	163,350			$	163,350			$	(233,069	)
Total cost-basis investments and other assets					$	—			$	—			$	163,350			$	163,350			$	(233,069	)

December 31, 2014	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost-basis investments	Fair Value		Yes		$	—			$	—			$	22,682			$	22,682			$	(10,062	)
Total cost-basis investments and other assets					$	—			$	—			$	22,682			$	22,682			$	(10,062	)

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