Did you know that all insurance companies are given a report card?
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.
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.
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