Quarterly report pursuant to Section 13 or 15(d)

Loss and Loss Adjustment Liability and Expenses

Loss and Loss Adjustment Liability and Expenses
6 Months Ended
Jun. 30, 2021
Loss And Loss Adjustment Liability And Expenses [Line Items]  
Loss and Loss Adjustment Liability and Expenses
BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. During the six months ended June 30, 2021 and 2020, BIGRM provided 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 (limits $3,739,680)
Property Deductible Reimbursement ($750,000 per occurrence/$5,000,000 policy annual aggregate)
General Liability Deductible Reimbursement ($2,000,000 in excess of $25,000 per occurrence; $4,000,000 per location aggregate; $10,000,000 policy aggregate)
For BIGRM’s insured risks, claim expenses and the related loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Losses are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, claim expenses and loss reserves include provisions for claims that have occurred but have yet to be reported. Expenses and the reserve liability 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, June 30, 2021. The 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 June 30, 2021 and December 31, 2020, the Company had reserved $4.9 million and $4.4 million, respectively.