American Surety Company, Indiana: Overview, Services, Financials, Claims, Reviews

American Surety Company has grown to become one of the leading surety bond companies in the country.

Are you looking for a reliable and affordable insurance company in Indiana? If so, you might want to consider American Surety Company, one of the oldest and largest providers of surety bonds in the United States.

an image illustration of American Surety Company, Indiana
American Surety Company, Indiana

In this blog post, we will give you an overview of American Surety Company, its history, services, products, financial details, coverage details, claims, and customer experiences. By the end of this post, you will have a better idea of why American Surety Company is a trusted partner for your insurance needs.

America Surety Company Details

American Surety Company was founded in 1906 by John J. Hickey, a prominent lawyer and businessman in Indianapolis. The company started as a small operation with only four employees and $100,000 in capital. Today, American Surety Company has grown to become one of the leading surety bond companies in the country, with over 200 employees and $500 million in assets.

The current CEO of The Company is William J. Carmichael, who has been with the company since 1982. He is supported by a leadership team of experienced and qualified professionals who oversee the various departments and functions of the company. The company has a market share of about 10% in the surety bond industry and ranks among the top 10 surety bond companies in the United States.

America Surety Company Basic Information

Phone Number (317) 875-8700
Address 4411 W 96th St, Indianapolis, IN 46268
Customer Service Contact customerservice@americansurety.com
Policy Details https://www.americansurety.com/policyholders/
Email Address info@americansurety.com
Fax Number (317) 875-8844
Operating Hours Monday-Friday, 8:00 AM – 5:00 PM EST

 

America Surety Company Services & Products

The company specializes in providing surety bonds for various purposes and industries. A surety bond is a contract between three parties: the principal (the person or entity who needs the bond), the obligee (the person or entity who requires the bond), and the surety (the company that guarantees the bond). A surety bond ensures that the principal will fulfill their obligations to the obligee, or else the surety will pay a penalty to the obligee.

Some of the types of surety bonds that American Surety Company offers are:

  • Bail bonds: These are bonds that allow defendants to be released from jail pending trial. American Surety Company works with bail agents across the country to provide bail bonds for their clients.
  • Contract bonds: These are bonds that guarantee the performance of a contract, such as a construction project or a service agreement. American Surety Company provides contract bonds for contractors, subcontractors, suppliers, and service providers.
  • Commercial bonds: These are bonds that guarantee compliance with laws, regulations, licenses, permits, or other requirements. American Surety Company provides commercial bonds for various businesses and professionals, such as auto dealers, mortgage brokers, notaries public, tax preparers, etc.

America Surety Company Financial Details

One of the most important factors to consider when choosing an insurance company is its financial strength and stability. You want to make sure that the company has enough resources to pay its claims and obligations in a timely manner.

American Surety Company has a strong financial position and reputation in the industry. The company has been rated A+ (Superior) by A.M. Best, a leading rating agency for insurance companies. The company has also been accredited by the Better Business Bureau (BBB) and has an A+ rating with them.

Some of the financial details that you might want to know about American Surety Company are:

  • Premium costs: The premium cost of a surety bond depends on several factors, such as the type of bond, the amount of bond, the risk involved, the credit history of the principal, etc. American Surety Company offers competitive and affordable rates for its surety bonds.
  • Payment options: American Surety Company accepts various payment methods for its surety bonds, such as cash, check, money order, credit card, debit card, wire transfer, etc.
  • Discounts and promotional offers: American Surety Company offers various discounts and promotional offers for its customers, such as loyalty discounts, referral discounts, volume discounts, etc.
  • Claim payout ratio: The claim payout ratio is the percentage of claims that the company pays out compared to the premiums that it collects.

America Surety Company Coverage Details

Another important factor to consider when choosing an insurance company is its coverage details. You want to make sure that the company provides adequate and comprehensive coverage for your needs.

American Surety Company provides extensive and flexible coverage for its surety bonds. The company can tailor its coverage to meet the specific requirements of each customer and each situation.

Some of the coverage details that you might want to know about American Surety Company are:

Policy exclusions: Policy exclusions are the situations or circumstances that are not covered by the surety bond. For example, some common policy exclusions are intentional or fraudulent acts by the principal, breach of contract by the obligee, force majeure events, etc. The Company has minimal and reasonable policy exclusions for its surety bonds. The company also provides clear and transparent information about its policy exclusions to its customers.

Coverage limits: Coverage limits are the maximum amounts that the surety bond will pay in case of a claim. For example, some common coverage limits are the penal sum of the bond, the aggregate limit of liability, the deductible amount, etc. American Surety Company provides generous and sufficient coverage limits for its surety bonds. The company also provides options for increasing or decreasing its coverage limits according to the needs and preferences of each customer.

Add-ons or riders: Add-ons or riders are additional features or benefits that can be added to the surety bond for an extra cost. For example, some common add-ons or riders are inflation protection, cancellation protection, renewal guarantee, etc. American Surety Company provides various add-ons or riders for its surety bonds. The company also provides advice and guidance on choosing the best add-ons or riders for each customer.

America Surety Company Claims

One of the most crucial aspects of an insurance company is its claim process. You want to make sure that the company handles claims efficiently and effectively.

The company has a simple and straightforward claim process for its surety bonds. The company strives to resolve claims quickly and fairly.

Some of the details about American Surety Company’s claim process are:

Claim process: To file a claim with The company, you need to follow these steps:

When you suspect a claim, contact the company promptly via call, email, fax, or mail. Share all required documents. They’ll assign a claim representative, investigate, and communicate with you. Expect a decision within a reasonable time frame.

If approved, you’ll receive payment according to bond terms. If denied, you can appeal, request a review or arbitration, or pursue legal action if needed.

Required documents for claims: The required documents for claims vary depending on the type of bond and claim involved. However, some common documents that you might need to provide are:

  • A copy of your bond
  • A copy of your contract or agreement with the obligee
  • A copy of your invoice or receipt for your premium payment

A copy of the demand or notice from the obligee

  • A copy of any correspondence or communication between you and the obligee or the surety
  • A copy of any evidence or documentation that proves or disproves your claim
  • Any other relevant information or documents that the company may request

Average claim approval time: The average claim approval time depends on the complexity and severity of the claim, as well as the cooperation and responsiveness of the parties involved. However, The company aims to process and settle claims within 30 days of receiving all the necessary documents and evidence.

America Surety Company Reviews

American Surety Company has a positive and impressive customer experience record. The company has received many testimonials and reviews from its customers, agents, and partners, who have praised its service, quality, professionalism, and integrity.

FAQs

Q: How do I apply for a surety bond with American Surety Company?

A: You can apply for a surety bond with American Surety Company by filling out an online application form on its website or by contacting one of its agents or representatives. You will need to provide some basic information about yourself, your business, your bond type, your bond amount, etc. The company will then review your application and determine your eligibility and rate for the bond.

Q: How long does it take to get a surety bond from American Surety Company?

A: The time it takes to get a surety bond from American Surety Company depends on several factors, such as the type of bond, the amount of bond, the risk involved, the availability of information, etc. However, the company strives to issue bonds as quickly as possible, usually within 24 hours of receiving a completed application and payment.

Q: How do I renew my surety bond with American Surety Company?

A: You can renew your surety bond with American Surety Company by paying your renewal premium before your bond expires. The company will send you a renewal notice and invoice before your bond expiration date. You can pay your renewal premium online or by mail. The company will then send you a new bond certificate or continuation certificate.

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