Commerce and Industry Insurance Company provides a variety of insurance products for businesses.
They have a solid financial rating and are known for handling claims well. This company is respected in the field of commercial property and casualty insurance.
Commerce and Industry Insurance Company (New York)
Commerce and Industry Insurance Company (New York) operates from New York and is owned entirely by American International Group (AIG).
This company has the authority to provide insurance in all 50 states and the District of Columbia. They offer various property and casualty insurance products.
Contact Information
| Category | Information |
|---|---|
| Address | 1271 Avenue of the Americas, 35th Floor, New York, NY 10020-1304 |
| Phone | 877-399-6442 |
| Website | AIG Website |
Services and Products
Commerce and Industry Insurance Company provides a variety of commercial property and casualty insurance products and services. These offerings include:
- Commercial Property Insurance: It shields businesses from financial losses caused by property damage, such as buildings, equipment, and inventory.
- Commercial Liability Insurance: This coverage safeguards businesses from financial losses stemming from lawsuits due to bodily injury or property damage caused by the business or its employees.
- Workers’ Compensation Insurance: This policy provides benefits to employees who get injured or fall ill on the job.
- Business Interruption Insurance: It offers financial assistance to businesses experiencing income loss due to covered events like fires or natural disasters.
- Commercial Auto Insurance: Protects businesses from financial losses arising from accidents involving their vehicles.
- Umbrella Insurance: Provides additional liability coverage exceeding the limits of other policies.
Financial Ratings
Commerce and Industry Insurance boasts a robust financial rating, with A.M. Best rating it as A+ (superior) and Standard & Poor’s as AA- (very strong).
These ratings indicate the company’s financial stability and its ability to meet policyholder obligations.
Claim Handling, Cancellations and Renewals
In terms of claims handling, Commerce and Industry Insurance Company (New York) has earned a positive reputation.
It holds an A+ rating from the Better Business Bureau and a 4.2-star rating on Trustpilot, reflecting policyholder satisfaction with the claims process.
Commerce and Industry Insurance Company (NY) has a dedicated 24/7 claims team ready to assist customers in filing and managing claims. Customers can file claims through online, phone, or mail methods.
Once a claim is filed, the company assigns a claims adjuster to investigate and work with the customer to settle it fairly and promptly.
They offer various claim handling services, including:
- Emergency claims response
- Property damage assessment and repair
- Medical bill payment
- Lost wages reimbursement
- Rental car reimbursement
- Funeral expense reimbursement
- Replacement cost for damaged or lost property
Can policies be cancelled?
Commerce and Industry Insurance Company (NY) can cancel a policy for reasons like non-payment of premium, misrepresentation on the policy application, a significant change in the insured’s risk, or violation of the policy terms and conditions.
In case of cancellation, the company must provide the insured with written notice at least 30 days in advance, except for non-payment of the premium.
Renewals with Commerce and Industry Insurance Company (NY)
The company typically renews policies automatically unless the insured requests cancellation or there is a significant change in the insured’s risk.
They are obligated to send the insured a renewal notice at least 30 days before the policy expiration date.
This notice includes the new policy premium and any changes to the policy terms and conditions.
If the insured doesn’t wish to renew their policy, they must inform Commerce and Industry Insurance Company (NY) in writing before the policy expiration date.
Customer Reviews
When it comes to reviews, the company has received mixed feedback from policyholders.
Some have praised its competitive rates and effective claims service, while others have voiced concerns about subpar customer service and slow claims processing.
Benefits of choosing Commerce and Industry Insurance Company (New York)
Commerce and Industry Insurance Company (NY) brings several benefits to its customers, such as:
- A wide array of products and services to suit businesses of all sizes.
- A strong financial track record.
- Dedication to customer service.
- Competitive pricing.
Working with commerce and industry also offers these specific advantages:
- Peace of mind: Your business stays protected from a broad spectrum of risks, letting you focus on running your business without worries.
- Financial protection: When your business faces a covered loss, Commerce and Industry Insurance Company (NY) aids in your financial recovery by covering repair, replacement costs, and other expenses.
- Reduced risk: The company helps mitigate your risk of losses through risk management consulting and loss control services.
- Expert advice: Count on the expertise of Commerce and Industry Insurance Company (NY)’s experienced professionals to guide you in selecting the right insurance products and services for your business and addressing your queries.
- Convenience: The company offers various convenient methods for filing and managing claims, paying premiums, and renewing your policy.
Elizabeth Mbura stands as a distinguished figure in the realm of insurance journalism, with an unparalleled prowess in dissecting and elucidating complex insurance policies.
With a career spanning over a decade, she has carved a niche for herself through her meticulous reviews and comprehensive breakdowns of various insurance policies and their intricate coverage details.
Elizabeth’s voice emerges as a trusted guide, illuminating the path for countless individuals and businesses alike.
As a seasoned writer with an unparalleled touch on insurance matters, she continues to redefine standards, elevate discussions, and shape the future trajectory of the insurance landscape.