How do I know my Insurance Co will be in business when I need them?

[Ram]

Its that time of year again and Im wondering if I should pay the insurance bill- will they be in business when I need them ?- with the world economics as they are today-How can I find out what kind of shape they are in , (I have a Jackline policy from Markel)

[Pblais]

Its that time of year again and Im wondering if I should pay the insurance bill

Miss even one premium and they will dump you. As much as you might try, you really can't easily tell what shape they are in. There is insurance and reinsurance. The folks that write the policy are not always the same ones that underwrite them. Your agent is of no issue since they don't have to survive for you to collect.

[Hud3]

The A. M. Best company rates risk underwriters as to their financial stability. It's the only source I'm aware of to try to gauge whether your insurer will be around to pay the claim. Be sure to look for the latest updates, and don't rely exclusively on the underwriter's press releases on the topic.

[TabbyCat]

Ram,
That's a good question. Below is the rating for Markel. IMIS only works with companies that are rated A or better. If an insurer's rating drops below A, we would notify the policy holder and secure a quote from an alternative company that was rated A. (Unlike the grades you might have received in school, "B" is not so great, and "C" is horrible).

You can get your own login to AM Best by going to www.ambest.com, there is no charge for membership. Or you can rely on your agent to watch the ratings for you. And to put my money where my mouth is, I have my boat insured with Markel Jackline, since I'm in the Caribbean right now.


Financial Strength Ratings View Definitions Rating: A (Excellent)
Affiliation Code: g (Group)
Financial Size Category: XI ($750 Million to $1 Billion)
Outlook: Stable
Action: Affirmed
Effective Date: June 20, 2008 Issuer Credit Ratings View Definitions Long-Term: a+
Outlook: Stable
Action: Affirmed
Date: June 20, 2008