Are you looking for a reliable and reputable insurance company in Texas? If so, you might want to consider Lexon Insurance Company, one of the leading providers of surety bonds and other insurance products in the U.S. market.
In this blog post, we will give you an overview of Lexon Insurance Company, its history, services, financial details, coverage options, claims process, and customer experiences.
By the end of this post, you will have a better idea of whether Lexon Insurance Company is the right choice for your insurance needs.
Lexon Insurance Company Details
It is a subsidiary of Sompo International, a global specialty provider of property and casualty insurance and reinsurance.
The CEO of The Company is David E. Campbell, who has over 30 years of experience in the surety industry.
The leadership team also includes John R. Knox, the President and Chief Operating Officer, and James R. Hinzman, the Senior Vice President and Chief Underwriting Officer.
Lexon Company is one of the 10 largest surety companies in the U.S. marketplace.
It has a nationwide network of independent agents and brokers and offers its surety products in 50 states, Washington D.C., Guam, the Northern Mariana Islands, the U.S. Virgin Islands, Puerto Rico and Canada.
Lexon Insurance Company Basic Information
|10002 Shelbyville Road, Suite 100 Louisville, Kentucky 40223
|Customer Service Contact
|Varies depending on the type and amount of bond
|Monday to Friday, 8:00 AM to 5:00 PM (Central Time)
Lexon Insurance Company Services & Products
The Company offers a full spectrum of surety products for a broad range of target industries, such as construction, home building, financial services, energy, mining, waste, and transportation.
Some of the types of insurance offered by Lexon Insurance Company are:
- Performance & Payment Bonds: These bonds guarantee that a contractor will perform the work according to the contract terms and pay all subcontractors and suppliers.
- License & Permit Bonds: These bonds ensure that a business or individual complies with the laws and regulations of a state or municipality.
- Probate & Court Bonds: These bonds protect the interests of parties involved in legal proceedings, such as executors, administrators, guardians, trustees, receivers, or plaintiffs.
- Non-Construction Performance Bonds: These bonds secure the performance of non-construction contracts, such as service agreements, supply contracts, or lease agreements.
- U.S. Customs Bonds: These bonds guarantee that an importer will pay all duties and taxes owed to the U.S. Customs and Border Protection.
- Additional Commercial & Contract Surety Bonds: These bonds cover various other obligations or risks that may arise in different business scenarios.
Lexon Insurance Company does not offer temporary or short-term policies for its surety products.
However, some bonds may have a specific expiration date or termination clause that can end the bond obligation before the completion of the contract or project.
Lexon Insurance Company Financial Details
The premium costs for Lexon Insurance Company’s surety products depend on several factors, such as the type and amount of bond, the creditworthiness and financial strength of the applicant, the nature and scope of the contract or project, and the risk exposure involved.
Generally speaking, the higher the risk or liability associated with the bond, the higher the premium rate.
The Company has a high claim payout ratio, which means that it pays a large percentage of the claims that it receives from its clients or beneficiaries.
According to A.M. Best, Lexon Insurance Company had a claim payout ratio of 86.9% in 2020, which was higher than the industry average of 75.6%.
This indicates that Lexon Insurance Company is committed to honoring its obligations and satisfying its customers.
Lexon Insurance Company Coverage Details
The policy exclusions for Lexon Insurance Company’s surety products vary depending on the type and amount of bond, the terms and conditions of the contract or project, and the laws and regulations of the jurisdiction involved.
Generally speaking, some common exclusions that may apply to Lexon Insurance Company’s surety products are:
- Fraud, dishonesty, or criminal acts by the principal or the obligee
- Force majeure events, such as war, terrorism, natural disasters, or civil unrest.
- Breach of warranty or guarantee by the principal or the obligee
- Failure to comply with applicable codes, standards, or specifications
- Failure to pay taxes, fees, fines, or penalties
The coverage limits for the Company’s surety products depend on the type and amount of bond, the creditworthiness and financial strength of the applicant, the nature and scope of the contract or project, and the risk exposure involved.
Generally speaking, the higher the amount of bond, the higher the coverage limit.
I’m Jose, a business enthusiast and an expert in the insurance field. As a graduate of Eastern University in Business Administration, I have gained significant knowledge insurance. Join me as we delve into everything you need to know about insurance.