Quarterly report pursuant to Section 13 or 15(d)

Insurance Loss Reserves and Loss and Loss Adjustment Expenses

Insurance Loss Reserves and Loss and Loss Adjustment Expenses
9 Months Ended
Sep. 30, 2021
Loss And Loss Adjustment Liability And Expenses [Line Items]  
Insurance Loss Reserves and Loss and Loss Adjustment Expenses

BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. BIGRM provides the following insurance policies:

Lease Security Deposit Fulfillment (limits $500 per occurrence/per property unit)
Lessor Legal Liability (limits $100,000 per occurrence/per property unit)
Workers’ Compensation Deductible Reimbursement (limit $250,000 per occurrence)
Property Deductible Reimbursement ($750,000 per occurrence/$2,000,000 policy annual aggregate)
General Liability Deductible Reimbursement ($5,000,000 in excess of $25,000 per occurrence; $10,000,000 policy annual aggregate)

For BIGRM’s insured risks, claim expenses and the related insurance loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Additionally, claims are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, insurance claim expenses and insurance loss reserves include provisions for claims that have occurred but have yet to be reported. Insurance expenses and the insurance loss reserves for both reported and unreported claims are based on the Company’s previous experience and the analysis of a licensed actuary. Management believes such amounts are adequate to cover the ultimate net cost of insured events incurred through the balance sheet date, September 30, 2021. The insurance loss provisions are estimates and the actual amounts may ultimately be settled for a significantly greater or lesser amount. Any subsequent differences arising will be recorded in the period in which they are determined. As of September 30, 2021 and December 31, 2020, the Company had reserved $5.4 million and $4.4 million, respectively.