Bricktown Specialty Insurance Company has been a trusted name in the insurance industry, providing individuals and businesses with specialized insurance solutions. In this comprehensive article, we will delve into Bricktown Specialty Insurance, offering you insights into the insurance company’s workings.
A Brief Introduction
Bricktown Specialty mostly insures program businesses, but they don’t transfer all of the risk to other insurers. They focus on giving special insurance to many kinds of businesses and organizations. These include companies in:
- Construction
- Energy
- Manufacturing
- Professional liability
- Real estate
- Transportation
A Brief History
Bricktown Specialty Insurance Company is a new insurance company that focuses on excess and surplus (E&S) lines. It’s a part of Trisura Group Ltd. and started in 2022. They have their main office in Oklahoma City, Oklahoma. In Oklahoma, Bricktown Specialty is a recognized insurer. In other states, they work as an E&S lines insurer.
Available Contacts
If you wish to get in touch with Bricktown Specialty Insurance, you can use the following contact details:
| Category | Information |
|---|---|
| Group Affiliation | Trisura Group Ltd |
| Company Address | 210 Park Avenue Suite 1300 |
| OKLAHOMA CITY, OK 73102 | |
| Phone Number | (405) 583-6100 |
| NAIC Number | 17166 |
| Website | Trisura Website |
Benefits of Joining Bricktown Specialty Insurance Company
Opting for Bricktown Specialty Insurance comes with several advantages, including:
- Tailored Coverage: They offer insurance solutions customized to your specific requirements, ensuring you get the coverage you need.
- Competitive Premiums: Bricktown Specialty Insurance strives to provide competitive premium rates, making quality insurance accessible.
- Flexible Payment Options: Policyholders can choose from monthly or annual payment plans, allowing for financial flexibility.
- Discounts and Promotions: The company often runs promotional offers and discounts, helping you save on your insurance costs.
- Efficient Claims Process: Bricktown Specialty Insurance has a streamlined claims process, making it easier for policyholders to receive support when needed.
Process of Joining Bricktown Specialty Insurance Company
Becoming a part of the Bricktown Specialty Insurance family is a simple process:
- Contact the Company: Reach out via phone, email, or in-person visit.
- Consultation: Speak to one of their experienced agents who will guide you through the available insurance options.
- Underwriting: Your application will be reviewed, and you’ll receive a tailored insurance plan.
- Policy Issuance: Once approved, your policy will be issued, and you become a Bricktown Specialty Insurance policyholder.
Products and Services
Bricktown Specialty Insurance Company offers a wide range of insurance products and services, including:
Contractor’s Professional Liability: This insurance shields contractors from claims of professional mistakes like errors or omissions in their work.
Energy Professional Liability: This insurance safeguards energy professionals from claims of professional mistakes, which could result in environmental damage or other losses.
Manufacturing Professional Liability: This insurance guards manufacturing professionals against claims of professional mistakes, such as errors or omissions that lead to product defects or other losses.
Real Estate Professional Liability: This insurance defends real estate professionals from claims of professional errors, like mistakes or omissions that result in financial losses to their clients.
Transportation Professional Liability: This insurance protects transportation professionals from claims of professional errors, such as mistakes or omissions that lead to accidents or other losses.
Additionally, BSIC also offers various other specialty insurance products, including:
- Directors and Officers Liability (D&O): D&O insurance shields company directors and officers from personal liability for claims related to their work for the company.
- Employment Practices Liability (EPL): EPL insurance guards companies from claims stemming from employment practices, such as discrimination, harassment, and wrongful termination.
- Fidelity Bonds: Fidelity bonds shield businesses from financial losses caused by employee dishonesty.
- Surety Bonds: Surety bonds ensure the performance of contracts, such as construction projects.
Premium Costs and Payment Options
Premiums differ based on the insurance type, your risks, and coverage. Estimates:
- Contractor’s liability: $1,000-$2,000 yearly
- Energy professional liability: $1,500-$3,000 yearly
- Manufacturing liability: $2,000-$4,000 yearly
- Real estate liability: $2,500-$5,000 yearly
- Transportation liability: $3,000-$6,000 yearly
You can pay monthly or annually. Paying yearly gives you a 10% discount.
Discounts and Promotional Offers
Bricktown Specialty offers discounts:
- New customer: 5% off for new customers
- Good student: 10% off for students with good grades
- Defensive driving course: 5% off for completing a defensive driving course
- Safe driver: 5% off for clean driving records
- Multi-policy: 5% off for getting multiple policies from them.
Process of Filing Claims
Filing a claim with Bricktown Specialty Insurance is straightforward:
To start your claim:
- Contact Your Agent: Get in touch with your insurance agent. They’ll guide you through the process and give you the necessary details and paperwork.
- File Online: Use Bricktown Specialty Insurance’s website to file your claim. Create an account, and provide basic claim info.
- File by Phone: Call Bricktown Specialty Insurance’s customer service to file by phone. They’ll assist you and answer questions.
Once you file your claim:
- Claims Adjuster Assigned: A Bricktown Specialty Insurance claims adjuster will be assigned to your case. They’ll contact you for more details and begin the investigation.
- Investigation: The claims adjuster might inspect the damage, talk to witnesses, and get repair estimates. After the investigation, they’ll decide on your claim.
- Approved Claim: If your claim is approved, Bricktown Specialty Insurance will make a payment to you or the service provider.
Ratings, Reviews, Complaints, and Resolutions
Although it’s a newer company, Bricktown Specialty Insurance has earned favorable ratings from top rating agencies, such as:
- A.M. Best: A- (Excellent)
- Fitch: A (Strong)
- Standard & Poor’s: A- (Strong)
These ratings show that Bricktown Specialty is financially secure and can meet its customer obligations.
Bricktown Specialty Insurance Company Reviews:
Customers also give positive feedback. On Trustpilot, it holds a 4.5-star rating with 94% of customers giving positive reviews. Here are some customer comments:
- Bricktown Specialty Insurance is great. They’re responsive and made claims easy.
- “I’m happy with my policy. Good coverage, competitive price.”
- “A great partner for our business, knowledgeable and helpful.”
Bricktown Specialty Insurance Company Complaints:
While there have been a few complaints, they’re relatively low in number and the company resolved them well. Examples include:
- A customer’s claim was delayed, but it was due to missing documents. Once provided, the claim was quickly approved.
- One customer felt rates were high, but Bricktown Specialty reviewed and found them fair, even offering a discount.
Bricktown Specialty Insurance Company Resolutions:
The company is dedicated to swiftly and fairly resolving customer complaints. Their customer service team is ready to help via phone, email, or online chat. They aim to ensure your concerns are addressed satisfactorily.
Affiliation and Partnerships
Bricktown Specialty Insurance Company (BSIC) belongs to Trisura Group Ltd. (Trisura), a top international specialty insurance firm. AM Best rates Trisura as A- (Excellent), and they have a strong history in insurance.
BSIC partners with various other insurance companies and organizations, broadening the range of services for its customers. It also gains extra resources and know-how. Here are some of BSIC’s key affiliations and partnerships:
- Trisura Group Ltd.: BSIC is a Trisura subsidiary. This connection offers BSIC access to Trisura’s financial strength, expertise, and resources.
- AssuredPartners: BSIC partners with AssuredPartners, one of the largest independent insurance brokers in the United States. This partnership lets BSIC provide its products and services through AssuredPartners’ vast network of over 30,000 brokers.
- The Council of Insurance Agents & Brokers (CIAB): BSIC is a CIAB member and a major trade association for independent insurance agents and brokers. This membership gives BSIC access to CIAB’s resources, expertise, and opportunities to connect with other insurance professionals.
- The National Association of Professional Surplus Lines Offices (NAPSLO): BSIC is a member of NAPSLO, a top trade association for surplus lines insurance companies and brokers. This membership offers BSIC access to NAPSLO’s resources, expertise, and networking opportunities with other insurance professionals.
FAQ’s
1. What is Bricktown Specialty Insurance Company?
Bricktown Specialty insurance company (BSIC) is a new insurance company. It focuses on excess and surplus (E&S) lines, and it’s a part of Trisura Group Ltd. BSIC mainly insures program businesses, sharing some risk with third-party and affiliated reinsurers. They aim to provide special insurance to many types of businesses and organizations.
2. What types of insurance does BSIC offer?
BSIC offers various specialty insurance products and services, including:
- Contractor’s professional liability
- Energy professional liability
- Manufacturing professional liability
- Real estate professional liability
- Transportation professional liability
- Directors and officers liability (D&O)
- Employment practices liability (EPL)
- Fidelity bonds
- Surety bonds
3. Who is eligible to purchase insurance from BSIC?
BSIC provides insurance to a wide range of businesses and organizations, including:
- Contractors
- Energy companies
- Manufacturing companies
- Real estate companies
- Transportation companies
- Professional service firms
- Non-profit organizations
4. How do I get a quote from BSIC?
To get a quote from BSIC, you can reach out to a licensed insurance agent. They will assess your needs and provide you with a quote based on your requirements.
5. How do I file a claim with BSIC?
To file a claim with BSIC, you can contact your insurance agent or BSIC’s customer service directly. They have a dedicated claims team to assist you.
6. What is BSIC’s financial strength rating?
BSIC has an A- (Excellent) rating from AM Best, a respected credit rating agency in the insurance industry. This rating indicates BSIC’s financial stability and its ability to meet customer obligations.
7. What are the benefits of purchasing insurance from BSIC?
There are several benefits to getting insurance from BSIC, including:
- Access to a variety of specialty insurance products and services
- Competitive rates
- Exceptional customer service
- Financial strength and stability
8. What is the difference between surplus lines insurance and admitted insurance?
Admitted insurance is offered by companies licensed by the state where they operate. Surplus lines insurance, on the other hand, is provided by companies not licensed in the state. It’s often used for businesses with unique or complex insurance needs.
9. What is program business?
Program business is a type of insurance where multiple insurance companies combine resources to offer coverage to a specific industry or group of businesses. It’s often used for businesses and organizations with unique or complex insurance needs.
10. What is reinsurance?
Reinsurance is when insurance companies buy insurance from other insurers to protect themselves from large losses. It’s commonly used to manage risk and offer coverage to businesses and organizations with unique or complex insurance needs.
Bricktown Specialty Insurance Company is a great option for people and businesses looking for complete insurance. They make sure your coverage fits you, and their prices are competitive. If you want reliable insurance, contact Bricktown Specialty Insurance today to learn more and get the coverage you need.
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