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Fair Value of Financial Instruments and Real Estate | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments and Real Estate | Fair Value of Financial Instruments and Real Estate The estimated fair values of the Company’s financial instruments and real estate, including their fair value level as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Fixed-maturity securities, held-to maturity, Level 1 | $ | 6,043,708 |  |  | $ | 5,174,675 |  |  | $ | 7,047,342 |  |  | $ | 5,959,265 |
Fixed-maturity securities, available-for-sale, Level 1 | $ | 121,622,777 |  |  | $ | 121,622,777 |  |  | $ | 106,792,378 |  |  | $ | 106,792,378 |
Fixed-maturity securities, available-for-sale, Level 2 | $ | 131,017,651 |  |  | $ | 131,017,651 |  |  | $ | 80,101,060 |  |  | $ | 80,101,060 |
Cash and cash equivalents, Level 1 | $ | 26,772,302 |  |  | $ | 26,772,302 |  |  | $ | 28,669,441 |  |  | $ | 28,669,441 |
Premiums receivable, net, Level 1 | $ | 18,252,649 |  |  | $ | 18,252,649 |  |  | $ | 21,766,988 |  |  | $ | 21,766,988 |
Reinsurance receivables, net, Level 3 | $ | 60,019,060 |  |  | $ | 60,019,060 |  |  | $ | 69,322,436 |  |  | $ | 69,322,436 |
Real estate, net of accumulated depreciation, Level 3 (1) | $ | 460,031 |  |  | $ | 940,000 |  |  | $ | 1,913,390 |  |  | $ | 3,540,000 |
Reinsurance balances payable, Level 3 | $ | 5,690,029 |  |  | $ | 5,690,029 |  |  | $ | 10,509,121 |  |  | $ | 10,509,121 |
Debt - 13.75% Senior Notes due 2026, Level 2 | $ | - |  |  | $ | - |  |  | $ | 5,508,000 |  |  | $ | 5,553,785 |
(1) As of December 31, 2024, real estate consisted of a complex which included an office building, a house and vacant land located in Kingston, New York. In March 2025, the office building and house were sold, leaving the vacant land as the only remaining real estate as of September 30, 2025. See Note 14 - Sale of Real Estate.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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