Navigators Specialty Insurance Company, New York: Overview, Phone Number, Email Address, Financials, Services, Coverage, Claims & Customer Reviews

Exploring the World of Specialized Coverage with Navigators Specialty Insurance Company.

An image illustration of Navigators Specialty Insurance Company
Navigating the Future of Specialized Insurance with Navigators Specialty Insurance Company.

Navigators Specialty Insurance Company, a global insurer, provides reinsurance and excess and surplus insurance solutions to wholesale brokers.

In this blog, we’ll delve into the company’s:

History, products, services, finances, coverage, claims, legal adherence, renewals, cancellations, corporate culture, and customer experiences.

Company Overview

History and Founding Year:

Navigators Specialty Insurance Company originated in 1974 as a subsidiary of The Navigators Group Inc.

A diverse specialty insurer operating in the global marine and energy sector, as well as in U.S. excess casualty and specialty lines markets.

In 2019, The Navigators Group Inc. was acquired by The Hartford Financial Services Group Inc.

A top provider of property and casualty insurance, group benefits, and mutual funds.

CEO and Leadership Team:

The CEO and president of Navigators Specialty Insurance Company is Terence N. Deeks, who’s been with the company since 2002.

Key leadership members include David J. Draper (Chief Operating Officer), Stanley A. Galanski (Senior Vice President), and Michael J. Casella (Chief Financial Officer).

Market Share and Company Size:

According to Dun & Bradstreet, Navigators Specialty Insurance Company reports an estimated annual revenue of $1.17 billion.

With 1,100 employees at its New York City headquarters.

The company holds a 0.13% market share in the U.S. property and casualty insurance industry.

Company Address

Here are some fundamental particulars about Navigators Specialty Insurance Company:

Information Contact Details
Phone Number (212) 613-4200
Address One Penn Plaza – 32nd Floor New York, NY 10119
Customer Service Contact (800) 562-8095
Policy Details Vary by product and state
Email Address info@navg.com
Fax Number (212) 613-4250
Operating Hours Monday to Friday, 9:00 AM to 5:00 PM (ET)

Products & Services

Navigators Specialty Insurance Company offers a broad spectrum of insurance products catering to various industries:

  • Auto insurance: Covers liability, physical damage, medical payments, uninsured/underinsured motorists, and rental reimbursement for commercial vehicles.
  • Home insurance: Provides coverage for dwelling, personal property, liability, loss of use, and additional living expenses for homeowners.
  • Life insurance: Offers term life, whole life, universal life, and variable life policies for individuals and groups.
  • Marine insurance: Covers hull and machinery, cargo, liability, war risks, builders’ risks, yacht insurance, and marine excess liability for marine-related businesses.
  • Energy insurance: Addresses upstream, midstream, downstream, power generation, renewable energy, and mining risks for energy-related businesses.
  • Excess casualty insurance: Provides umbrella and excess liability coverage for commercial general liability, auto liability, employers liability, and professional liability exposures.
  • Other specialty insurance: Encompasses aviation insurance, cyber liability insurance, environmental liability insurance, political risk insurance, professional liability insurance, and surety bonds.

They also offer specialized packages for specific industries.

Some like Navigators Pro for professional liability solutions or Navigators Environmental for environmental contractors.

Financial Overview

Navigators Specialty Insurance Company’s premium costs vary based on factors such as the product type, coverage level, deductible amount, and customer risk profile.

While the company doesn’t publish rates online, customers can easily request quotes online or via phone.

Customers can choose from several payment options, including monthly, quarterly, semiannual, or annual payments by check, credit card, or electronic funds transfer.

Online payment is also an option through the company’s website.

The company occasionally offers discounts, such as multi-policy and loyalty discounts for eligible customers.

The company’s strong commitment to timely claim payouts is evident in its high claim payout ratio.

In 2022, the claim payout ratio stood at 76.3%, exceeding the industry average of 69.4%, affirming the company’s reliability in fulfilling claims.

Coverage Specifics

Some things are not covered by Navigators Specialty Insurance Company’s policies depending on the kind of product and policy terms.

Some things that are not covered are things done on purpose, war, terrorism, normal wear and tear, pollution, and breaking the law.

How much coverage customers get depends on the kind of product and policy terms, giving a range from basic to full coverage.

Customers can choose how much coverage they want based on their needs and money.

The company also gives extra options or riders.

Some of these are protection from identity theft, equipment breakdown, and business interruption, to make the coverage better for more money.

Claims Process

Navigators Specialty Insurance Company makes it easy to file claims.

Customers can file claims online on the company’s website or by calling them.

They can also ask their agent or broker for help with claims.

The documents they need to file claims are different for each product and claim.

But they usually need a filled-out claim form, policy details, police reports (if needed), damage estimates, and medical reports that are related.

The company aims to process and settle claims within 30 days from receiving all necessary documents.

Legal & Compliance

Navigators Specialty Insurance Company complies with all applicable data protection and privacy laws and has a privacy policy to safeguard personal information.

Terms and conditions govern the company’s website and online services, outlining users’ rights and obligations.

Renewals & Cancellations

Renewing policies with Navigators Specialty Insurance Company is easy, letting customers renew online or by talking to their agent or broker.

The company tells customers when their policy is about to end at least 30 days before, giving details of the new price, coverage, and terms.

If customers want to cancel their policy, they may have to pay some fees depending on the product and policy terms.

And they will get back some of the money they paid for the policy minus the fees.

Some things that affect how much fees customers have to pay include:

How long the policy lasts, why they cancel, what kind of product it is, what the state laws are, and how much time they have to pay.

Grace periods also vary by payment frequency:

  • 10 days for monthly payments
  • 31 days for quarterly, semiannual, or annual payments

Company Culture

Navigators Specialty Insurance Company has a strong culture based on good values like honesty, quality, new ideas, working together, and caring about customers.

The company wants to make a good place to work, and help employees learn new skills and grow in their careers.

The company also cares about helping people and the planet and gives money and time to different good causes related to learning, health, nature, and art in the places where it works.

Customer Experiences

The Company garners positive reviews and ratings from its customers for its products, services, claims processing, and customer support.

Satisfied customers highlight responsiveness, professionalism, and competitive rates, making the company a reliable choice.

FAQs

You can get in touch with Navigators Specialty Insurance Company via phone at (212) 613-4200 or (800) 562-8095, through email at info@navg.com.

For additional details, visit their website at [www.navg.com].

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