Diamond State Insurance Company (Pennsylvania) products, claiming, particulars and much more

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Diamond State Insurance Company
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Diamond State Insurance Company, located in Bala Cynwyd, Pennsylvania, is a leading insurance provider specializing in tailored commercial solutions, ensuring stability and reliability for businesses in high-risk industries.

 

Insurance products offered by Diamond State Insurance Company

Auto insurance: Diamond State Insurance Company provides auto insurance coverage for personal and commercial vehicles, including cars, trucks, vans, motorcycles, and RVs.

They offer liability, collision, comprehensive, medical payments, uninsured/underinsured motorist, and rental reimbursement coverages. They also provide discounts for safe drivers, good students, multi-car policies, and anti-theft devices.

Home insurance: Diamond State Insurance Company offers home insurance coverage for homeowners and renters. They protect the dwelling, personal property, liability, and additional living expenses in case of fire, theft, vandalism, or natural disasters.

They also offer optional coverages for valuables, identity theft, water backup, and earthquake.

Life insurance: Diamond State Insurance Company provides life insurance coverage for individuals and families. They offer term life, whole life, universal life, and variable life policies.

They help customers secure their financial future and protect their loved ones in case of death or disability.

Diamond state monetary information

Diamond State Claim handling

Claim Status:

Required Claim Documents:

  • Depending on your claim type, prepare specific documents:
    1. Completed and signed claim form.
    2. Policy certificate copy.
    3. Police or incident report.
    4. Photos/videos of damage/loss.
    5. Receipts/invoices for repairs/replacements.
    6. Proof of property ownership/valuation.
    7. Loss/damage statement.
    8. Adjuster-requested information.

Claim Approval Time:

  • Claim approval time varies by complexity.
  • State laws mandate prompt processing and payment, typically within 30 days post-settlement.

Customer Reviews:

  • Diamond State Insurance rated 4.9 stars with 13 Birdeye reviews.
  • Customers appreciate professionalism, assistance, and responsiveness.
  • Positive reviews highlight exceptional service and fairness.

Diamond Sate Company Policy Particulars

Policy Exclusions: Diamond State Insurance specializes in commercial insurance, catering exclusively to businesses in high-risk sectors like construction, manufacturing, transportation, and hospitality. They offer coverage for commercial property, automobiles, and general liability but do not provide personal auto insurance. Certain policies may exclude specific claims, such as mold or sump pump overflow.

Coverage Limits: Diamond State Insurance tailors coverage limits based on business size, type, and risk factors. Their financial strength, rated A by A.M. Best Rating Services, Inc., ensures their ability to meet claim obligations. Coverage limits vary:

  • Commercial Property: Ranging from $100,000 to $10 million or more, contingent on property and contents value.
  • Commercial Auto: Varies based on vehicle types and drivers, typically between $25,000 and $1 million or more per accident.
  • General Liability: Ranging from $100,000 to $5 million or more per occurrence, dependent on business operations and liability exposure.
  • Professional Liability: Varied, from $250,000 to $10 million or more per claim, based on service type and potential claims.

Deductibles: Policyholders are responsible for deductibles, impacting premium costs. Deductibles vary across policies:

  • Commercial Property: Typically $500 to $25,000 or more per claim.
  • Commercial Auto: Ranging from $250 to $5,000 or more per vehicle.
  • General Liability: Varies from $0 to $10,000 or more per occurrence.
  • Professional Liability: Usually $1,000 to $50,000 or more per claim.

Add-ons or Riders: Diamond State Insurance offers optional add-ons to enhance coverage:

  • Inflation Guard Endorsement: Adjusts coverage limits based on inflation rates to safeguard property rebuild costs.
  • Business Income and Extra Expense Endorsement: Covers income loss and additional expenses due to covered property damage affecting business operations.
  • Umbrella Liability Endorsement: Extends liability coverage beyond base policy limits for significant claims or lawsuits.
  • Cyber Liability Endorsement: Protects against costs and liabilities arising from cyber attacks or data breaches impacting business data or systems.

Diamond State Entity Information

Company Background: Founded: Diamond State Insurance Company was established in 2007 to cater to the wholesale brokerage market. Its origins trace back to 1988 when it was incorporated in Indiana as a mutual insurance firm.

Leadership Team: CEO: Bill Smith serves as both the CEO and President of Diamond State Insurance Company. The company’s leadership team comprises six principals and 12 key contacts responsible for various functions, including accounting, underwriting, claims, and marketing.

Financial Overview: Annual Reporting: While Diamond State Insurance Company does not release individual annual reports, its financial data is included in the annual report of its parent company, Global Indemnity Group, LLC. The latest available report, submitted to the U.S. Securities and Exchange Commission on March 1, 2021, revealed total assets of $1.07 billion, liabilities of $0.76 billion, and equity of $0.31 billion as of December 31, 2020.

Financial Strength and Size: Stability Ratings: The company boasts an A (Excellent) rating from A.M. Best Rating Services, Inc., indicating robust financial stability and the ability to fulfill its obligations. Diamond State Insurance Company falls under the financial size category of X, signifying a policyholders’ surplus between $500 million and $750 million.

Market Position: Focus Areas: Diamond State Insurance specializes in commercial property, general liability, commercial automobile, and professional lines products, catering primarily to businesses in high-risk sectors. Notably, it does not provide general property and casualty insurance to consumers or personal auto insurance coverage.

Market Share and Workforce: Market Presence: The company holds a niche position in the insurance industry, with a focus on specific commercial sectors. Its market share in the U.S. property and casualty insurance market is less than 1%. As of 2022, Diamond State Insurance is projected to have revenue of $1.07 billion and an estimated workforce of 71 employees.

Diamond state company intermediaries and representatives

Intermediaries and Representatives: Diamond State Insurance Company collaborates with a network of select intermediaries and representatives, who specialize in high-risk and niche markets, to offer its tailored insurance solutions. These intermediaries and representatives operate in various states and provide access to Diamond State’s commercial property, general liability, commercial auto, and professional liability products.

Key Intermediary and Representative Partners:

  • J.H. Ferguson & Associates, LLC: Serving 48 states, they provide Diamond State’s insurance products, primarily in the Southern and Eastern regions.
  • Burns & Wilcox: As one of North America’s largest intermediaries, Burns & Wilcox operates in 50 states and Canada, offering a wide range of specialty insurance products.
  • Worldwide Facilities, LLC: This national intermediary and managing general agent serves 21 states and specializes in commercial property, general liability, commercial auto, and professional liability products.

Qualifications and Reviews: Intermediaries and representatives partnering with Diamond State Insurance Company are required to meet specific criteria, including having relevant insurance licenses, market experience, access to a retail agent network, a strong industry reputation, and sufficient financial resources. The company has received favorable ratings and reviews from its intermediaries and representatives, highlighting their responsiveness, flexibility, and excellent claims handling.

Partnerships: Diamond State Insurance Company values its relationships with intermediaries and representatives, offering competitive commissions, dedicated underwriting teams, online quoting and binding systems, marketing support, and access to exclusive products. These partnerships enhance the company’s ability to reach a broader customer base and provide tailored solutions for unique insurance needs.

Diamond state policy Continuation and Termination

Policy Renewal: While Diamond State Insurance Company doesn’t extensively detail their renewal process online, policyholders can expect to receive a renewal notice 45 days before the current policy expires. This notice includes the renewal premium, coverage changes, and legal requirements. To maintain coverage, the renewal premium must be paid by the due date. Failure to do so will result in policy lapse and loss of coverage.

Cancellation Procedures: Diamond State Insurance may cancel policies due to reasons like non-payment, fraud, misrepresentation, or policy violations. Policyholders are given a minimum 10-day notice (5 days for non-payment) specifying the reason, effective date, and any refund owed, calculated pro rata. Refunds, subject to the Minimum Premium Rule, are returned to the producer, minus any dishonored check amount. Cancelling before the policy ends may incur a fee, typically $50 or 10% of the return premium.

Grace Periods: Diamond State Insurance’s specific grace period isn’t provided online. Generally, insurers offer grace periods of 3 to 30 days after the premium due date, allowing policyholders to pay without lapse. State laws and policy types can influence the grace period duration, so it’s advisable to check your policy or consult your agent for accurate details. Paying within the grace period maintains coverage; exceeding it results in policy cancellation.

Company’s occupations and carriers

Job Opportunities: While Diamond State Insurance Company doesn’t host a dedicated careers page on its website, potential job openings are often posted on platforms like Indeed or LinkedIn. Various roles may be available:

  • Underwriter: Responsible for evaluating insurance applications, setting premiums, and managing accounts. This role typically requires a bachelor’s degree in business or finance and a solid understanding of insurance products and regulations.
  • Claims Adjuster: This role involves investigating and resolving insurance claims, verifying coverage, negotiating with claimants and other parties, and documenting the claims process. Most claims adjuster positions require a high school diploma or equivalent, relevant experience, and the necessary state-specific licenses.
  • Customer Service Representative: Customer service representatives provide support to customers, agents, and brokers. They handle inquiries and complaints, process payments and policy changes, and maintain customer records. Generally, this role requires a high school diploma or equivalent, excellent communication skills, and proficiency with computer systems.

Internship Opportunities: Diamond State Insurance Company may offer internship opportunities to students seeking hands-on experience in the insurance industry. Potential internship roles include:

  • Marketing Intern: Marketing interns assist in market research, the creation of promotional materials, social media updates, and data analysis. Ideal candidates are pursuing degrees in marketing or related fields and possess creative and analytical skills.
  • Claims Intern: Claims interns support the claims team by reviewing claim files, gathering information, preparing reports, and communicating with claimants and third parties. This role is suitable for students pursuing degrees in business or finance, emphasizing attention to detail and problem-solving abilities.
  • Underwriting Intern: Underwriting interns assist the underwriting team in evaluating insurance applications, assessing risks, calculating premiums, and issuing policies. Typically, this role is well-suited for students pursuing degrees in business or finance, with strong mathematical and analytical skills.

Employee Benefits: Diamond State Insurance Company offers an attractive benefits package to its employees, including:

  • Health and Wellness Benefits: Coverage for health, dental, vision, prescription drugs, employee assistance programs, and wellness initiatives.
  • Financial and Retirement Benefits: Options such as 401(k) plans, pension plans, employee stock ownership plans, profit-sharing plans, and financial planning assistance.
  • Work-Life Balance Benefits: Offerings like paid time off, flexible work arrangements, tuition reimbursement, professional development opportunities, and employee recognition programs.

Company’s contact information

Attribute Details
Address 3 Bala Plaza # 300e Bala Cynwyd, PA 190041
Phone (610) 664-15001
Website www.gbli.com
NAIC Number 420483

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