Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

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

The aggregate 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, 2013	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	$	38,449,309	$	1,922,862	$	184,351	$	40,187,820
Issuer obligations of U.S. States, territories and political subdivisions special revenue	30,874,571		1,234,130		204,800		31,903,901
Corporate debt securities	17,736,608		789,840		108,456		18,417,992
Auction rate securities	919,672		16,028		—		935,700
Total	$	87,980,160	$	3,962,860	$	497,607	$	91,445,413
Equity securities, available-for-sale at fair value:
Common stocks and nonredeemable preferred stocks	$	22,200,369	$	14,052,780	$	109,084	$	36,144,065
Total	$	22,200,369	$	14,052,780	$	109,084	$	36,144,065
Short-term investments:
Certificates of deposit and money market funds	$	7,926,373	$	—	$	—	$	7,926,373
Total	$	7,926,373	$	—	$	—	$	7,926,373

December 31, 2012	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	$	38,658,463	$	3,211,445	$	—	$	41,869,908
Issuer obligations of U.S. States, territories and political subdivisions special revenue	18,933,299		1,909,106		10,455		20,831,950
Corporate debt securities	17,064,697		1,252,973		14,750		18,302,920
Auction rate securities	917,214		14,986		—		932,200
Total	$	75,573,673	$	6,388,510	$	25,205	$	81,936,978
Equity securities, available-for sale at fair value:
Common stocks and nonredeemable preferred stocks	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Total	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Short-term investments:
Certificates of deposit and money market funds	$	13,567,648	$	—	$	—	$	13,567,648
Total	$	13,567,648	$	—	$	—	$	13,567,648

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2013 were as follows:

	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	8,685,106	$	8,848,668
Due after one year through five years	57,287,230		60,170,845
Due five years through ten years	14,159,839		14,285,208
Due after ten years	7,847,985		8,140,692
Total	$	87,980,160	$	91,445,413

Schedule of Earnings on Investments

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

	2013		2012		2011
Fixed maturities	$	2,997,901	$	3,154,131	$	3,233,988
Equity securities	890,917		815,674		347,843
Invested cash and other short-term investments	5,754		10,576		12,725
Miscellaneous interest	36		30		480
Investment income	$	3,894,608	$	3,980,411	$	3,595,036

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31 are summarized as follows:

	2013			2012			2011
Gross realized gains:
General obligations of U.S. States, territories and political subdivisions	$	—		$	250		$	386
Corporate	—			52,396			20,459
Common stocks and nonredeemable preferred stocks	369,673			450,461			529,811
Auction rate securities	—			211,061			43,199
Total	369,673			714,168			593,855
Gross realized losses:
Common stocks and nonredeemable preferred stocks	(180,169		)	(91,975		)	(247,117		)
Other than temporary impairment of securities	—			(93,436		)	(280,987		)
Total	(180,169		)	(185,411		)	(528,104		)
Net realized gain	$	189,504		$	528,757		$	65,751
Net realized gains (losses) on other investments:
Impairments of other assets and investments	$	(34,070	)	$	(6,504	)	$	(44,404	)
Gain on other assets and investments	48,946			543,986			30,238
Loss on other assets and investments	(8,580		)	—			(23,026		)
Total	$	6,296		$	537,482		$	(37,192	)
Net Realized Gain	$	195,800		$	1,066,239		$	28,559

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the 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, 2013 and 2012:

	Less than 12 Months					12 Months or Longer					Total
December 31, 2013	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
General obligations of U.S. states, territories and political subdivisions	$	4,198,012	$	(184,351	)	$	—	$	—		$	4,198,012	$	(184,351	)
Special revenue obligations of U.S. states territories and political subdivisions	11,010,093		(204,800		)	—		—			11,010,093		(204,800		)
Corporate debt securities	5,942,570		(108,456		)	—		—			5,942,570		(108,456		)
Total fixed maturity securities	$	21,150,675	$	(497,607	)	$	—	$	—		$	21,150,675	$	(497,607	)
Equity securities	2,035,971		(72,998		)	244,929		(36,086		)	2,280,900		(109,084		)
Total temporarily impaired securities	$	23,186,646	$	(570,605	)	$	244,929	$	(36,086	)	$	23,431,575	$	(606,691	)

December 31, 2012
Special revenue obligations of U.S. states territories and political subdivisions	$	1,236,906	$	(10,455	)	$	—	$	—	$	1,236,906	$	(10,455	)
Corporate debt securities	985,250		(14,750		)	—		—		985,250		(14,750		)
Total fixed maturity securities	$	2,222,156	$	(25,205	)	$	—	$	—	$	2,222,156	$	(25,205	)
Equity securities	2,551,215		(91,237		)	—		—		2,551,215		(91,237		)
Total temporarily impaired securities	$	4,773,371	$	(116,442	)	$	—	$	—	$	4,773,371	$	(116,442	)

Schedule of Assumptions Used to Determine Fair Value

The following table summarizes some key assumptions the service used to determine fair value as of December 31, 2013 and 2012:

	2013	2012
Cumulative probability of earning maximum rate until maturity	—%	—%
Cumulative probability of principle returned prior to maturity	95.6%	96.1%
Cumulative probability of default at some future point	4.4%	3.9%

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2013 and 2012.  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, 2013	Level 1		Level 2		Level 3		Total
Short Term	$	7,926,373	$	—	$	—	$	7,926,373
Equity Securities:
Common stock and nonredeemable preferred stock	36,144,065		—		—		36,144,065
Fixed Maturities:
Obligations of U.S. States, territories and political subdivisions*	—		72,091,721		—		72,091,721
Corporate debt securities*	—		18,417,992		935,700		19,353,692
Total	$	44,070,438	$	90,509,713	$	935,700	$	135,515,851

As of December 31, 2012	Level 1		Level 2		Level 3		Total
Short Term	$	13,567,648	$	—	$	—	$	13,567,648
Equity Securities:
Common stock and nonredeemable preferred stock	28,510,933		—		—		28,510,933
Fixed Maturities:
Obligations of U.S. States, territories and political subdivisions*	—		62,701,858		—		62,701,858
Corporate debt securities*	—		18,302,920		932,200		19,235,120
Total	$	42,078,581	$	81,004,778	$	932,200	$	124,015,559

*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, 2013 and 2012 are presented in the following table:

As of December 31, 2013
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	23,626,761	$	23,626,761	$	23,626,761	$	—	$	—
Cost-basis investments	1,927,429		2,069,302		—		—		2,069,302
Accrued dividends and interest	1,006,698		1,006,698		1,006,698		—		—
Total	$	26,560,888	$	26,702,761	$	24,633,459	$	—	$	2,069,302
Financial Liabilities
Contingent consideration	$	341,250	$	341,250	$	—	$	—	$	341,250
Total	$	341,250	$	341,250	$	—	$	—	$	341,250

As of December 31, 2012
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	20,810,018	$	20,810,018	$	20,810,018	$	—	$	—
Cost-basis investments	1,871,315		1,952,323		—		—		1,952,323
Accrued dividends and interest	1,037,447		1,037,447		1,037,447		—		—
Total	$	23,718,780	$	23,799,788	$	21,847,465	$	—	$	1,952,323
Financial Liabilities
Contingent consideration	$	691,250	$	691,250	$	—	$	—	$	691,250
Total	$	691,250	$	691,250	$	—	$	—	$	691,250

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, 2013 and 2012:

Changes in fair value during the year ended December 31:	2013		2012
Beginning balance at January 1	$	932,200	$	4,552,400
Redemptions and sales	—		(3,900,000		)
Realized gain – included in net realized gain on investments	—		211,061
Realized loss – included in net realized gain on investments	—		—
Unrealized gain - included in other comprehensive income	3,500		68,739
Ending balance at December 31	$	935,700	$	932,200

Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the twelve months ended December 31, 2013 and 2012:

Changes in fair value during the period ended:	2013			2012
Beginning balance at January 1	$	691,250		$	—
Addition of contingent consideration	—			691,250
Payment for contingent consideration	(350,000		)	—
Ending balance, net	$	341,250		$	691,250

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, 2013 and 2012 and the related impairments recognized:

December 31, 2013	Valuation Method	Impaired	Level 1		Level 2		Level 3		Total at Estimated Fair Value		Impairment Losses
Cost-basis investments	Fair Value	Yes	$	—	$	—	$	32,744	$	32,744	$	(34,070	)
Total cost method investments and other assets			$	—	$	—	$	32,744	$	32,744	$	(34,070	)

December 31, 2012	Valuation Method	Impaired	Level 1		Level 2		Level 3		Total at Estimated Fair Value		Impairment Losses
Cost-basis investments	Fair Value	Yes	$	—	$	—	$	36,406	$	36,406	$	(6,504	)
Total cost method investments and other assets			$	—	$	—	$	36,406	$	36,406	$	(6,504	)