Did you know that all insurance companies are given a report card?
Do you remember the report cards you received when you were in school? The letter A was for excellent, B was for good, C was for average, and D was for poor.
Insurance companies are given a “financial” report card with these same letter grades. The company who grades them is called the A.M. Best Company.
Their purpose is to protect you from buying insurance from a company in poor “financial” condition. When you buy insurance your broker should tell you the grade of the company he/she is quoting. It is safest to buy insurance with a company who has a letter grade of A or B.
Here are some other reasons a company’s grade might affect you:
1.Poorly graded companies can mean a poor financial risk for you.
2.Some truck brokers might not accept proof of insurance from companies with less than an “A” grade.
Do you know if your sub-haul contract requires you to buy insurance from an “A” rated (grade) insurance company? It is better to know what you need before you begin shopping for a “good” price. Tell your broker you need an “A” rated company when you ask for your quote. The cost to cancel and rewrite a new policy is very expensive.
If you receive a quote from another broker and are not certain about the A.M Best Company Rating, then give us a call! We’ll look up the company and tell you their rating. No questions! No obligation! Call us TOLL FREE (800) 750-1812 or visit us online at www.BerrierInsurance.com.
Wednesday, November 11, 2009
Insurance Company Report Cards
Posted by Lisa Sherer - Berrier Insurance at 7:16 PM
Labels: insurance company rating, truck insurance
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