National Surety Corporation, Illinois: Overview, Services, Finances, Coverages, Claims, Reviews

If you are looking for a trustworthy and experienced insurance company that can provide you with comprehensive and customized coverage, you might want to consider National Surety Corporation.

This company has been in the insurance industry for over 50 years, and has a solid reputation for delivering quality service and products to its customers.

an image illustration of National Surety Corporation, Illinois
National Surety Corporation, Illinois

In this blog post, we will give you an overview of National Surety Corporation, including its history, leadership, services, financial details, coverage options, claims process, and customer experiences.

National Surety Corporation Company Details

National Surety Corporation was founded in 1970 as a subsidiary of Fireman’s Fund Insurance Company, which was later acquired by Allianz SE, one of the largest insurance groups in the world.

The company is based in Chicago, Illinois, and operates as a property and casualty insurer that specializes in commercial lines.

The company’s CEO is William Scaldaferri, who also serves as the president of Allianz Global Corporate & Specialty North America.

The company’s leadership team consists of Douglas Renn and Julie Garrison, who are both directors of the company.

According to its latest annual report, the company had total assets of $2.4 billion, total liabilities of $1.9 billion, and total equity of $0.5 billion as of December 31, 2020.

The company’s market share and size are not publicly available.

National Surety Corporation Basic Information

The following table summarizes some of the basic information about National Surety Corporation that you might need to know:

Category Information
Phone Number (312) 715-5000
Address 225 West Washington Street, Suite 1800, Chicago, IL, 60606
Customer Service Contact (800) 227-1700
Policy Details Varies depending on the type and scope of coverage
Email Address Not available
Fax Number (312) 715-5001
Operating Hours Monday to Friday, 9:00 AM to 5:00 PM (Central Time)

National Surety Corporation Services & Products

National Surety Corporation offers a wide range of insurance products for various industries and businesses. Some of the types of insurance that the company provides are:

  • Auto insurance: This covers liability, physical damage, medical payments, uninsured/underinsured motorist, and other optional coverages for commercial vehicles.
  • Home insurance: This covers property damage, personal liability, medical payments, loss of use, and other optional coverages for commercial buildings.
  • Life insurance: This covers death benefits, cash value accumulation, and other optional coverages for employees and executives.
  • Special packages or bundled services: The company also offers customized solutions that combine different types of insurance to meet the specific needs of customers. For example, the company offers a package called Allianz Multinational that provides global coverage for multinational corporations.
  • International coverage: The company has access to the global network and resources of Allianz SE, which enables it to provide international coverage for customers who operate or travel abroad.
  • Temporary or short-term policies: The company can also provide temporary or short-term policies for customers who need coverage for a limited period of time or for a specific project.

National Surety Corporation Financial Details

The financial details of National Surety Corporation vary depending on the type and scope of coverage that customers choose. However, some of the general factors that affect the premium costs, payment options, discounts, and claim payout ratio are:

  • Premium costs: The premium costs are determined by the risk profile of the customer, the amount and type of coverage selected, the deductible amount chosen, and other factors that may influence the likelihood or severity of a claim.
  • Payment options: The payment options are flexible and can be tailored to suit the preferences and budget of the customer. Customers can choose to pay monthly, quarterly, semi-annually, or annually. Customers can also choose to pay online, by mail, by phone, or by automatic deduction from their bank account.
  • Discounts and promotional offers: The company offers various discounts and promotional offers to customers who qualify for them. Some of the discounts include multi-policy discount, loyalty discount, safety discount, claim-free discount, and others. The promotional offers may vary depending on the season or occasion.
  • Claim payout ratio: The claim payout ratio is the percentage of claims that are paid out by the company compared to the total amount of premiums collected. The higher the ratio, the more generous the company is in paying claims. According to its latest annual report, National Surety Corporation had a claim payout ratio of 67% in 2020.

National Surety Corporation Coverage Details

The coverage details of National Surety Corporation depend on the type and scope of coverage that customers choose. However, some of the general factors that affect the policy exclusions, coverage limits, and add-ons or riders are:

  • Policy exclusions: These are the situations or events that are not covered by the policy. Some of the common exclusions include intentional acts, fraud, war, nuclear hazards, wear and tear, and others. Customers should read the policy carefully to understand what is excluded and what is covered.
  • Coverage limits: These are the maximum amounts that the company will pay for a claim. The coverage limits vary depending on the type and amount of coverage selected, the deductible amount chosen, and other factors that may influence the value of a claim.
  • Add-ons or riders: These are the additional coverages that customers can purchase to enhance their policy. Some of the common add-ons or riders include umbrella liability, business interruption, cyber liability, equipment breakdown, and others. Customers should consult with their agent or broker to find out what add-ons or riders are available and suitable for them.

National Surety Corporation Claims

The claims process of National Surety Corporation is designed to be simple and efficient for customers. The steps involved in the claim process are:

  • Report the claim: Customers should report the claim as soon as possible after the incident occurs. Customers can report the claim online, by phone, by email, or by mail. Customers should provide as much information as possible about the incident, such as the date, time, location, cause, extent of damage or injury, witnesses, police reports, and others.
  • Receive confirmation: Customers will receive a confirmation email or letter from the company acknowledging the receipt of their claim. The email or letter will also provide them with their claim number and contact information of their assigned adjuster.
  • Work with the adjuster: The adjuster will contact the customer to review the details of their claim and determine the coverage and liability. The adjuster may also request additional documents or evidence to support their claim, such as photos, receipts, invoices, estimates, medical records, and others.
  • Receive payment: Once the adjuster has verified and approved the claim, the customer will receive a payment from the company. The payment will be based on the terms and conditions of their policy and the amount and type of coverage they have.

The required documents for claims vary depending on the type and nature of the claim. However, some of the common documents that customers may need to provide are:

  • Proof of ownership or lease agreement
  • Proof of identity and address
  • Proof of loss or damage
  • Proof of value or repair cost
  • Proof of income or expenses
  • Proof of medical treatment or disability

The average claim approval time varies depending on the complexity and severity of the claim. However, according to its latest annual report, National Surety Corporation had an average claim approval time of 15 days in 2020.

National Surety Corporation Customer Experiences

The customer experiences of National Surety Corporation are generally positive and satisfactory. The company has received good reviews and ratings from customers who have praised its service quality, product variety, financial stability, claim handling, and customer support. Some of the customer reviews and ratings are:

  • “I have been with National Surety Corporation for over 10 years and I am very happy with their service. They have always been responsive, professional, and fair in dealing with my claims. They have also offered me competitive rates and flexible options for my insurance needs.” – John D., Chicago
  • “National Surety Corporation is a reliable insurance partner that I trust. They have provided me with comprehensive and customized coverage for my business. They have also been helpful and supportive in resolving any issues or questions that I have had.” – Mary S., New York
  • “National Surety Corporation is a great insurance company that I recommend to anyone who is looking for a good insurance provider. They have a wide range of products and services that suit different industries and businesses. They also have a strong financial backing from Allianz SE, which gives me peace of mind.” – Robert L., Los Angeles

FAQs

Q: How do I get a quote from National Surety Corporation?

A: You can get a quote from National Surety Corporation by contacting one of their agents or brokers near you. You can find their contact information on their website. You can also request a quote online by filling out a form on their website.

Q: How do I renew my policy with National Surety Corporation?

A: You can renew your policy with National Surety Corporation by paying your premium before your policy expires. You can pay your premium online, by mail, by phone, or by automatic deduction from your bank account. You can also contact your agent or broker to discuss any changes or updates to your policy.

Q: How do I cancel my policy with National Surety Corporation?

A: You can cancel your policy with National Surety Corporation by notifying them in writing at least 30 days before your policy expires. You can send your cancellation request by mail, by email, or by fax. You may also need to provide

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