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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
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 March 31, 2016 and December 31, 2015. The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS.
As of March 31, 2016 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term investments | $ | 7,520,069 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,520,069 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Common stock | 37,681,569 |  |  | — |  |  | — |  |  | 37,681,569 |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions* | — |  |  | 88,650,329 |  |  | — |  |  | 88,650,329 |
Corporate debt securities* | — |  |  | 17,733,494 |  |  | — |  |  | 17,733,494 |
Total | $ | 45,201,638 |  |  | $ | 106,383,823 |  |  | $ | — |  |  | $ | 151,585,461 |
As of December 31, 2015 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term investments | $ | 6,865,406 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,865,406 |
Equity securities: |  |  |  |  |  |  |
Common stock | 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* | — |  |  | 17,486,344 |  |  | 939,900 |  |  | 18,426,244 |
Total | $ | 44,378,870 |  |  | $ | 105,126,484 |  |  | $ | 939,900 |  |  | $ | 150,445,254 |
*Denotes fair market value obtained from pricing services.
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The carrying amounts and estimated fair values of these financial instruments (please note investments carried at estimated fair value are disclosed in a previous table) as of March 31, 2016 and December 31, 2015 are presented in the following table:
As of March 31, 2016 | Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash | $ | 21,873,731 |  |  | $ | 21,873,731 |  |  | $ | 21,873,731 |  |  | $ | — |  |  | $ | — |
Cost-basis investments | 3,727,074 |  |  | 4,135,512 |  |  | — |  |  | — |  |  | 4,135,512 |
Accrued dividends and interest | 1,320,942 |  |  | 1,320,942 |  |  | 1,320,942 |  |  | — |  |  | — |
Total | $ | 26,921,747 |  |  | $ | 27,330,185 |  |  | $ | 23,194,673 |  |  | $ | — |  |  | $ | 4,135,512 |
As of December 31, 2015 | Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash | $ | 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 |
Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation | The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended March 31, 2016 and the year ended December 31, 2015:
Changes in fair value during the period ended: | 2016 |  | 2015
Beginning balance at January 1 | $ | 939,900 |  |  | $ | 939,100 |
Redemptions and sales | (1,000,000 | ) |  | — |
Realized gain – included in net realized gain on investments | 74,996 |  |  | — |
Unrealized (loss) gain – included in other comprehensive income | (14,896 | ) |  | 800 |
Ending balance, net | $ | — |  |  | $ | 939,900 |
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 March 31, 2016 and December 31, 2015 and the related impairments recognized:
As of March 31, 2016 | Valuation Method |  | Impaired |  | Level 1 |  | Level 2 |  | Level 3 |  | Total at Estimated Fair Value |  | Impairment Losses
Cost-basis investments | Fair Value |  | No |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total cost-basis investments |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
As of 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 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 163,350 |  |  | $ | 163,350 |  |  | $ | (233,069 | )

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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