Markel Insurance Company, Illinois: Overview, Contacts, Services, Financial Aspects, Legal and Compliance Information, Customer Reviews, Claim Process

Markel Insurance Company, Illinois: A Specialty Insurance Provider You Can Trust

If you are looking for a reliable and experienced insurance company that can offer you customized solutions for your unique needs, you might want to consider Markel Insurance Company, Illinois.

Markel is a global specialty insurance provider that has been in the business for over 90 years. In this blog post, we will tell you everything you need to know about Markel Insurance Company  and why you should choose them as your insurance partner.

 

What is Markel Insurance Company, Illinois?

Markel Insurance Company, Illinois, is a subsidiary of Markel Corporation, a holding company for insurance, reinsurance, and investment operations around the world. Additionally, Markel Corporation was founded in 1930 by Samuel A. Markel, who started a small insurance agency in Norfolk, Virginia. Today, Markel Corp

oration has over 60 offices in 20 countries and employs more than 6,000 people.

Markel Insurance Company, Illinois, is one of the US insurance companies under Markel Corporation. It is based in Rosemont, Illinois, and operates in all 50 states and the District of Columbia. It offers specialty insurance products and services for niche markets, such as equine and livestock, child development and recreation, powersports, marine, and more.

Who are the leaders of Markel Insurance Company, Illinois?

Markel Insurance Company, Illinois, is led by a team of experienced and dedicated professionals who are committed to providing excellent service and value to their customers, brokers, and partners.

The current president and chief operating officer of Markel Insurance Company, Illinois, is Bryan Sanders, who has been with Markel since 2000. He is responsible for overseeing the operations and strategy of the US insurance division of Markel Corporation.

Other key leaders of Markel Insurance Company, Illinois, include:

• Robert Cox, executive vice president and chief operating officer of Markel Specialty
• Tara P. Innes, executive vice president and chief underwriting officer of Markel Specialty
• James R. Gray, executive vice president and chief claims officer of Markel Specialty
• Britt Glisson, executive vice president and chief marketing officer of Markel Specialty
• Michael J. Schewel, executive vice president and general counsel of Markel Corporation

What are the market share and financial strength of Markel Insurance?

Markel Insurance Company, Illinois, is one of the leading specialty insurance providers in the US, with a market share of 0.22% in 2020. It ranked 84th among the top 200 US property and casualty insurers by direct premiums written, according to the National Association of Insurance Commissioners (NAIC).

The company also has a strong financial position, with total assets of $5.8 billion, total liabilities of $4.1 billion, and policyholders’ surplus of $1.7 billion as of December 31, 2020.

It has an A (Excellent) rating from A.M. Best, a leading rating agency for the insurance industry. This rating reflects Markel’s balance sheet strength, operating performance, business profile, and enterprise risk management.

Who are the partners and affiliates of Markel Insurance

Markel Insurance Company, Illinois, works with a network of independent agents and brokers who help distribute its products and services to customers across the US. Markel also partners with various organizations and associations that share its vision and values, such as:

• American Camp Association (ACA), a national organization that accredits and advocates for camps and camp professionals
• American Horse Council (AHC), a national trade association that represents the equine industry and promotes its economic, legislative, and regulatory interests
• American Motorcyclist Association (AMA), a national membership organization that protects and promotes the rights and interests of motorcyclists
• BoatUS, a national boating advocacy and service organization that offers towing, insurance, and other benefits to boat owners
• National Alliance of Youth Sports (NAYS), a national nonprofit organization that provides education, training, and resources for youth sports administrators, coaches, officials, parents, and athletes

The company also collaborates with other subsidiaries and affiliates of Markel Corporation, such as:

• State National Companies, a provider of single-source solutions for other financial service institutions, such as fronting, program, and lender services
• Nephila, an investment manager that focuses on reinsurance and weather-related risk, offering a range of investment products
• Markel Ventures, a group of companies that operate outside of the insurance industry, such as manufacturing, consumer, business services, and healthcare

What services does Markel Insurance offer?

The company also offers a variety of specialty insurance products and services for different markets and segments, such as:

• Equine and livestock insurance, which covers horses, cattle, and other animals, as well as equine-related businesses, such as farms, clubs, trainers, instructors, and veterinarians
• Child development and recreation insurance, which covers businesses and organizations that provide child care, education, and youth services, such as daycare centers, schools, camps, sports leagues, and museums
• Powersports insurance, which covers motorcycles, ATVs, snowmobiles, and watercraft of almost any size, as well as personal and commercial use
• Marine insurance, which covers boats, yachts, and marine-based businesses, such as marinas, dealers, repair shops, and charter operators
• Personal lines insurance, which covers personal property, such as homes, condos, renters, valuables, and weddings
• Commercial lines insurance, which covers businesses and professionals, such as contractors, consultants, lawyers, accountants, and architects
• Specialty programs insurance, which covers niche markets and industries, such as accident and health, environmental, excess and surplus lines, healthcare, human services, public entities, and workers compensation

Markel Insurance Company, Illinois, also offers special packages and discounts for some of its products and services, such as:

• Equine mortality package, which combines equine mortality, major medical, and surgical coverage for horses
• Camp package, which combines property, liability, accident, and auto coverage for camps and campgrounds
• Motorcycle package, which combines liability, collision, comprehensive, medical payments, and uninsured/underinsured motorist coverage for motorcycles
• Boat package, which combines hull, liability, medical payments, and uninsured/underinsured boater coverage for boats and yachts
• Homeowners package, which combines dwelling, personal property, liability, and additional living expenses coverage for homeowners
• Wedding package, which combines cancellation, postponement, liability, and property damage coverage for weddings and events

The company also has international coverage for some of its products and services, such as:

• Equine and livestock insurance, which covers horses and cattle in Canada, Mexico, and other countries, subject to certain conditions and exclusions
• Powersports insurance, which covers motorcycles and watercraft in Canada and Mexico, subject to certain conditions and exclusions
• Marine insurance, which covers boats and yachts in Canada, Mexico, and other countries, subject to certain conditions and exclusions
• Personal lines insurance, which covers valuables and weddings in Canada, Mexico, and other countries, subject to certain conditions and exclusions

Markel Insurance Company, Illinois, also has flexible and customer-friendly policies for its products and services, such as:

• No deductible for equine mortality, major medical, and surgical claims
• No coinsurance for equine major medical and surgical claims
• No depreciation for equine mortality claims
• No lay-up period for equine mortality claims
• No breed or age restrictions for equine mortality claims
• No sublimits for equine major medical and surgical claims
• No waiting period for child development and recreation accident claims
• No cancellation fee for powersports and marine policies
• No depreciation for powersports and marine total loss claims
• No deductible for personal lines liability claims
• No sublimits for personal lines valuables claims
• No deductible for wedding cancellation and postponement claims

How can you contact Markel Insurance?

If you want to contact Markel Insurance Company, Illinois, you can use the following information:

Category	Information
Phone	800-362-7535
Address	4521 Highwoods Parkway, Rosemont, IL 60018
Customer Service	customerservice@markel.com
Email Address	info@markel.com
Operating Hours	Monday to Friday, 8:00 a.m. to 8:00 p.m. ET
Fax	800-446-7925

 

You can also visit their website at www.markelinsurance.com for more information and online services, such as:

• Finding an agent or broker near you
• Getting a quote or applying for a policy
• Managing your account or paying your bill
• Reporting or checking a claim
• Accessing safety and risk management resources
• Learning more about their products and services

What are the financial details of Markel Insurance

Markel Insurance Company, Illinois, offers competitive and affordable premium costs for its products and services, depending on various factors, such as:

• The type and amount of coverage you need
• The value and condition of the property or animal you want to insure
• The location and use of the property or animal you want to insure
• The deductible and limit options you choose
• The discounts and credits you qualify for

 

The company also offers various payment options for its products and services, such as:

• Online payment, which allows you to pay your bill using your credit card, debit card, or bank account through their website or mobile app
• Automatic payment, which allows you to set up recurring payments from your bank account or credit card and avoid late fees or missed payments
• Phone payment, which allows you to pay your bill using your credit card, debit card, or bank account by calling their customer service number
• Mail payment, which allows you to pay your bill by sending a check or money order to their mailing address
• Agent payment, which allows you to pay your bill through your agent or broker who represents Markel

Markel Insurance Company, Illinois, also offers various discounts and promotional offers for its products and services, such as:

• Multi-policy discount, which gives you a lower premium if you have more than one policy with Markel
• Multi-vehicle discount, which gives you a lower premium if you insure more than one vehicle with Markel
• Safety course discount, which gives you a lower premium if you complete a certified safety course for your motorcycle, ATV, snowmobile, or watercraft
• Safety equipment discount, which gives you a lower premium if you have safety features on your motorcycle, ATV, snowmobile, or watercraft, such as anti-lock brakes, airbags, or alarms
• Loss-free discount, which gives you a lower premium if you have no claims or losses for a certain period of time
• Loyalty discount, which gives you a lower premium if you renew your policy with Markel
• Early bird discount, which gives you a lower premium if you apply for a policy at least 30 days before the effective date
• Pay-in-full discount, which gives you a lower premium if you pay your annual premium in full at the time of purchase
• Referral discount, which gives you a lower premium if you refer a friend or family member to Markel
• Association discount, which gives you a lower premium if you are a member of a partner organization or association, such as ACA, AHC, AMA, BoatUS, or NAYS

Why choose Markel Insurance?

There are many reasons why you should choose Markel Insurance Company, Illinois, as your insurance partner, such as:

• They have a long and proven history of providing specialty insurance solutions for niche markets and segments
• They have a strong and stable financial position and a high rating from A.M. Best
• They have a wide and diverse range of products and services that can meet your unique needs and preferences
• They have a flexible and customer-friendly policy design and pricing that can suit your budget and lifestyle
• They have a network of independent agents and brokers who can help you find the best coverage and service for you
• They have a team of experienced and dedicated professionals who are committed to providing excellent service and value to you
• They have a fast and easy claim process and a high claim satisfaction rate
• They have a wealth of safety and risk management resources and tools that can help you prevent and reduce losses
• They have a culture of innovation and excellence that drives them to constantly improve and grow

Customer experiences

Markel Insurance Company, Illinois, has received many positive reviews and ratings from its customers, brokers, and partners, who have praised its products, services, and performance. Here are some examples of customer testimonials from their website:

“I have been a Markel customer for over 10 years and I have always been very satisfied with their service and coverage. They have always been very responsive and helpful whenever I had a question or a claim. They have also been very fair and reasonable with their pricing and discounts. I would highly recommend Markel to anyone who is looking for specialty insurance.”

“Markel has been a great partner for our camp for many years. They have provided us with comprehensive and customized coverage that meets our specific needs and challenges. Additionally, they have also been very supportive and proactive in helping us with safety and risk management. They have always been there for us when we needed them the most.”

“Markel is the best insurance company I have ever dealt with. They have insured my motorcycle for over 5 years and I have never had any issues with them. Furthermore, they have always been very friendly and professional whenever I contacted them. They have also been very generous and flexible with their discounts and payment options. They have made my insurance experience easy and hassle-free.”

 

How does the claim process of Markel Insurance Company, Illinois, work?

Markel Insurance Company, Illinois, has a fast and easy claim process that allows you to report and check your claim online, by phone, by fax, or by mail. You can also contact your agent or broker for assistance. Here are the steps of the claim process:

Report your claim as soon as possible after the loss or incident occurs. You can use the online claim form on their website, call their toll-free number at 800-362-7535, fax your claim information to 855-662-7535, or mail your claim information to Markel Claims, P.O. Box 2009, Glen Allen, VA 23058.

You will need to provide your policy number, contact information, date and location of the loss or incident, description of the loss or incident, and any supporting documents, such as photos, receipts, invoices, estimates, police reports, etc.

Receive a claim confirmation and a claim number from Markel. You will also be assigned a claim representative who will handle your claim and communicate with you throughout the process. Your claim representative will review your policy and coverage, investigate the facts and circumstances of the loss or incident, evaluate the damages and liabilities, and determine the settlement amount and payment method.

Cooperate with your claim representative and provide any additional information or documentation they may request. You may also be contacted by other parties involved in the claim, such as adjusters, appraisers, attorneys, or medical providers. You should notify your claim representative of any contact you have with them and follow their instructions and advice.

Receive your claim payment or denial from Markel. Your claim representative will explain the basis and calculation of your claim payment or denial and answer any questions you may have. You will also receive a written confirmation of your claim payment or denial. Depending on the type and amount of your claim, you may receive your payment by check, electronic funds transfer, or credit card.

Legal and compliance information

Markel Insurance Company, Illinois, is licensed and regulated by the Illinois Department of Insurance, as well as the insurance departments of other states where it operates. It complies with all the applicable laws and regulations of the insurance industry, such as:

The Illinois Insurance Code, which governs the licensing, solvency, rates, forms, practices, and conduct of insurance companies and agents in Illinois

The Illinois Consumer Fraud and Deceptive Business Practices Act, which prohibits unfair and deceptive acts and practices in the trade or commerce of insurance and other goods and services in Illinois

Next we have the Illinois Unfair Claims Settlement Practices Act, which prohibits unfair and unreasonable practices in the settlement of insurance claims in Illinois

The Illinois Personal Information Protection Act, which requires insurance companies and other entities to protect the personal information of their customers and notify them in case of a breach in Illinois

The Illinois Workers’ Compensation Act, which establishes the rights and obligations of employers and employees in case of work-related injuries or illnesses in Illinois

Additionally we have the Illinois Insurance Guaranty Fund, which provides protection to policyholders and claimants in case of insolvency of an insurance company in Illinois

Markel Insurance Company, Illinois, also adheres to the ethical and professional standards of the insurance industry, such as:

The Code of Ethics of the American Insurance Association (AIA), which sets forth the principles and values that guide the conduct and decision-making of insurance companies and their employees

The Code of Conduct of the National Association of Professional Insurance Agents (PIA), which defines the responsibilities and expectations of insurance agents and brokers to their customers, insurers, and the public

Additionally we have the Code of Ethics of the Chartered Property Casualty Underwriter (CPCU) Society, this outlines the duties and obligations of insurance professionals who have earned the CPCU designation

The Code of Ethics of the Society of Insurance Research (SIR), which establishes the norms and best practices of insurance researchers and analysts

What are the renewals and cancelations policy?

Markel Insurance Company, Illinois, has a simple and convenient policy renewal and cancelation process for its products and services, such as:

Policy renewal process

Policy renewal process, which allows you to renew your policy online, by phone, by mail, or through your agent or broker. You ill receive a renewal notice from Markel at least 30 days before your policy expiration date, which will include your renewal premium, coverage, and payment options.

Additionally, you can also make changes to your policy or coverage at the time of renewal, subject to underwriting approval. You will need to pay your renewal premium by the due date to avoid a lapse in coverage.

Cancelation policy and fees

Cancelation policy and fees, which allows you to cancel your policy at any time, for any reason, by notifying Markel in writing, by phone, by fax, by email, or through your agent or broker.

You will receive a cancelation confirmation and a refund of any unearned premium from Markel, minus any applicable cancelation fees. Markel may also cancel your policy for certain reasons, such as non-payment of premium, fraud, misrepresentation, or violation of policy terms, by giving you a written notice and a refund of any unearned premium, minus any applicable cancelation fees. Markel does not charge any cancelation fees for powersports and marine policies.

Grace periods

Grace periods, which allow you to pay your premium after the due date without losing your coverage, subject to certain conditions and limitations. Markel offers a grace period of 10 days for monthly payments and 31 days for annual payments. If you pay your premium within the grace period, your policy will remain in force and your coverage will not be interrupted. If you do not pay your premium within the grace period, your policy will be canceled and your coverage will end.

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