Crum & Forster Specialty Insurance Company (CFSIC) is a subsidiary of Crum & Forster Holdings Corp., which is part of Fairfax Financial Holdings Limited, a global property and casualty insurance group.
CFSIC provides specialty insurance solutions for niche markets, such as accident and health, aviation, environmental, excess and surplus lines, professional liability, and surety.
In this article, we will review the company’s history, services, financial performance, claims process, coverage details, and customer reviews.
About Crum & Forster Specialty Insurance Company
CFSIC was incorporated in 1967 as The Home Insurance Company of New York.
In 1995, it changed its name to The Home Insurance Company and became a member of the Crum & Forster group.
In 2003, it adopted its current name to reflect its focus on specialty insurance products.
CFSIC is licensed in all 50 states and the District of Columbia and has offices in various locations across the country.
Table of contacts of Crum & Forster Specialty Insurance Company
The following table lists some of the main contact information for CFSIC:
| Contact Type | Contact Details |
|---|---|
| Phone Number | (800) 232-7380 |
| Fax Number | (973) 490-6720 |
| Email Address | info@cfins.com |
| Mailing Address | 305 Madison Avenue, Morristown, NJ 07960 |
| Website | www.cfins.com |
Services and products of Crum & Forster Specialty Insurance Company
CFSIC offers a wide range of specialty insurance solutions for various industries and markets.
Some of the services and products that CFSIC provides are:
- Accident and Health: This includes travel insurance, student health insurance, occupational accident insurance, group accident insurance, and pet health insurance.
- Aviation: This covers aircraft hull and liability, airport liability, aviation products liability, and aviation workers’ compensation.
- Environmental: This encompasses contractors’ pollution liability, site pollution liability, environmental impairment liability, storage tank liability, and remediation cost cap.
- Excess and Surplus Lines: This refers to insurance for hard-to-place risks that are not accepted by standard carriers, such as vacant properties, coastal properties, liquor liability, and professional liability.
- Professional Liability: This protects professionals from claims arising from errors or omissions in their services, such as architects and engineers, lawyers, accountants, consultants, and real estate agents.
- Surety: This guarantees the performance or payment obligations of a principal to an obligee, such as contract bonds, commercial bonds, court bonds, and fidelity bonds.
Table of financial details of Crum & Forster Specialty Insurance Company
The following table summarizes some of the key financial details of CFSIC as of December 31, 2020:
| Financial Metric | Amount |
|---|---|
| Total Assets | $1.9 billion |
| Total Liabilities | $1.4 billion |
| Policyholders’ Surplus | $502 million |
| Net Premiums Written | $1.1 billion |
| Net Income | $76 million |
| Combined Ratio | 97.6% |
Crum & Forster Specialty Insurance Company Claims process
CFSIC has a dedicated claims team that handles claims for each of its specialty lines.
The company strives to provide prompt and fair claims service to its policyholders and claimants.
To report a claim to CFSIC, policyholders can use one of the following methods:
- Call the toll-free number (800) 690-5520
- Send an email to newloss@cfins.com
- Submit an online form at www.cfins.com/claims
- Contact their agent or broker
Once a claim is reported, a claims representative will contact the policyholder to confirm the details and assign a claim number.
The claims representative will then investigate the claim, evaluate the coverage and liability, communicate with the parties involved, and negotiate a settlement if applicable.
Crum & Forster Specialty Insurance Company Coverage details
The coverage details of CFSIC’s policies vary depending on the type of insurance product, the industry or market segment, the risk profile of the insured, and the terms and conditions of the policy.
Policyholders should read their policy documents carefully to understand the scope, limits, exclusions, and endorsements of their coverage.
Some of the common features of CFSIC’s policies are:
- Flexible underwriting and pricing options
- Customized coverage solutions
- Broad policy forms and endorsements
- Competitive commissions and incentives for agents and brokers
- Access to risk management and loss control services
Crum & Forster Specialty Insurance Company Customers Reviews
CFSIC has received mixed reviews from its customers on various online platforms. Some of the positive aspects that customers have praised are:
- Responsive and helpful claims staff
- Fast and fair claims settlement
- Comprehensive and affordable coverage
- Easy and convenient policy administration
Some of the negative aspects that customers have complained about are:
- Poor customer service and communication
- Delayed or denied claims payments
- High premiums and deductibles
- Hidden fees and charges
Table of Ratings of Crum & Forster Specialty Insurance Company
| Rating Agency | Rating | Outlook | Date |
|---|---|---|---|
| AM Best | A (Excellent) | Stable | August 3, 2023 |
| S&P | A- (Strong) | Stable | June 30, 2023 |
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Conclusion
Crum & Forster Specialty Insurance Company is a specialty insurance provider that offers niche products for various industries and markets.
The company is part of the Crum & Forster group, which is backed by Fairfax Financial Holdings Limited, a global insurance group.
CFSIC has a strong financial position, a wide range of services and products, and a dedicated claims team.
However, the company also has some drawbacks, such as inconsistent customer service, high premiums, and low customer satisfaction ratings.
Policyholders should weigh the pros and cons of CFSIC before choosing it as their insurance partner.
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