Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Assumptions Used To Determine Fair Value

  The following table summarizes some key assumptions the service used to determine fair value as of March 31, 2015 and December 31, 2014:

	2015	2014
Cumulative probability of earning maximum rate until maturity	—%	—%
Cumulative probability of principal returned prior to maturity	95.2%	95.2%
Cumulative probability of default at some future point	4.8%	4.8%

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 March 31, 2015 and December 31, 2014.  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 March 31, 2015	Level 1		Level 2		Level 3		Total
Short-term investments	$	4,400,330	$	—	$	—	$	4,400,330
Equity securities:
Common stock and nonredeemable preferred stock	39,476,921		—		—		39,476,921
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		83,180,466		—		83,180,466
Corporate debt securities*	—		22,012,779		941,200		22,953,979
Total	$	43,877,251	$	105,193,245	$	941,200	$	150,011,696

As of December 31, 2014	Level 1		Level 2		Level 3		Total
Short-term investments	$	2,576,993	$	—	$	—	$	2,576,993
Equity securities:
Common stock and nonredeemable preferred stock	39,254,981		—		—		39,254,981
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		85,780,755		—		85,780,755
Corporate debt securities*	—		22,328,435		939,100		23,267,535
Total	$	41,831,974	$	108,109,190	$	939,100	$	150,880,264

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of March 31, 2015 and December 31, 2014 are presented in the following table:

As of March 31, 2015	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	15,639,072	$	15,639,072	$	15,639,072	$	—	$	—
Cost-basis investments	2,502,468		2,881,597		—		—		2,881,597
Accrued dividends and interest	1,313,255		1,313,255		1,313,255		—		—
Total Financial Assets	$	19,454,795	$	19,833,924	$	16,952,327	$	—	$	2,881,597

As of December 31, 2014	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	15,826,515	$	15,826,515	$	15,826,515	$	—	$	—
Cost-basis investments	2,516,608		2,675,817		—		—		2,675,817
Accrued dividends and interest	1,063,837		1,063,837		1,063,837		—		—
Total Financial Assets	$	19,406,960	$	19,566,169	$	16,890,352	$	—	$	2,675,817

Schedule Of Fair Value Assets Measured At Unobservable Inputs 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 period ended March 31, 2015 and the year ended December 31, 2014:

Changes in fair value during the period ended:	2015		2014
Beginning balance at January 1	$	939,100	$	935,700
Redemptions and sales	—		—
Realized gain – included in net realized gain on investments	—		—
Unrealized gain - included in other comprehensive income	2,100		3,400
Ending balance, net	$	941,200	$	939,100

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, 2015 and December 31, 2014 and the related impairments recognized:

As of March 31, 2015

Valuation Method

Impaired

Level 1

Level 2

Level 3

Total at Estimated Fair Value

Impairment Losses

Cost-basis investments

Fair Value

Yes

$

—

$

—

$

—

$

—

$

—

Total cost-basis investments

$

—

$

—

$

—

$

—

$

—

As of December 31, 2014	Valuation Method	Impaired	Level 1		Level 2		Level 3		Total at Estimated Fair Value		Impairment Losses
Cost-basis investments	Fair Value	Yes	$	—	$	—	$	22,682	$	22,682	$	(10,062	)
Total cost-basis investments			$	—	$	—	$	22,682	$	22,682	$	(10,062	)