Ohio Indemnity Company, Ohio: Overview, Contacts, Finances, Claims, Coverage, Legal & Compliance, Reviews

Discover Trustworthy Coverage: Ohio Indemnity Company – Your Partner in Insurance.

An image illustration of Ohio Indemnity Company
Guardians of Your Peace of Mind: Explore the heart of Ohio Indemnity Company, where tailored insurance solutions meet unwavering commitment. Your protection, our priority.

In this blog, I’ll discuss various topics to give you a better understanding of Ohio Indemnity Company.

Let’s start!

Company Outline

History and Founding Year:

Ohio Indemnity Company (OIC) stands out as a leading specialist insurance provider for financial institutions, agents, dealers, and non-profit organizations in the United States.

Founded in 1956, the company has consistently offered well-structured insurance programs aimed at meeting specific business objectives.

CEO and Leadership Team:

Leading the company is John Sokol, who serves as the Chairman, CEO, and President, bringing over 30 years of insurance industry expertise.

Sokol collaborates with a team of experienced professionals who share his vision of delivering top-notch service and products.

Market Share and Company Size:

OIC maintains a strong market presence, with approximately 10% market share in the specialty insurance sector and over 5000 clients across the nation.

The company boasts an A+ rating from A.M. Best and holds licenses in all 50 states and the District of Columbia.

Company Contacts

For your convenience, here is some essential information about OIC:

Phone Number (800) 628-8581
Address 250 E Broad St Ste 7, Columbus, OH, 43215
Customer Service Contact Brad Blum (brad.blum@ohioindemnity.com)
Policy Details Vary depending on insurance type and client needs
Email Address info@ohioindemnity.com
Fax Number (614) 228-2800
Operating Hours Monday to Friday, 8:00 AM to 5:00 PM EST

You can also stay updated by visiting their website or following them on [Facebook] or [LinkedIn].

Services & Products

OIC offers a range of custom-designed insurance products to provide confidence and security to their clients. These products include:

  1. Auto Insurance: OIC offers comprehensive coverage for personal and commercial vehicles, covering areas such as liability, collision, comprehensive, medical payments, uninsured/underinsured motorist, rental reimbursement, towing and labor, and gap insurance.
  2. Home Insurance: Protecting homes and personal property from various risks, including fire, theft, vandalism, weather damage, liability, and more.

Optional coverages such as identity theft protection, personal umbrella liability, flood insurance, earthquake insurance, and home warranty are also available.

  1. Life Insurance: OIC provides term life, whole life, universal life, and variable life insurance policies to help secure the financial future of your family.

Customization options include death benefit amounts, premium payment choices, riders, and investment options.

  1. Business Insurance: Tailored solutions to protect businesses from various risks, including property damage, liability claims, employee injuries, business interruption, and cyberattacks.

Policies can be customized according to industry, size, and specific needs.

  1. Non-Profit Insurance: Specializing in insurance solutions for non-profit organizations such as charities, foundations, associations, churches, schools, and more.

Coverage includes general liability, directors and officers liability, professional liability, property damage, workers’ compensation, volunteer accident insurance, and more.

OIC also offers cost-saving options, including:

  • Multi-policy discounts.
  • Loyalty discounts.
  • Group discounts.

They provide international coverage for certain products, such as:

You can get insurance for your car or your business and choose the best option for you if you need insurance for a short time or for a special thing.

Financial Details

The cost of your insurance premium is a crucial factor to consider.

OIC strives to offer competitive and affordable rates, with flexible payment options, including:

  • Credit cards.
  • Debit cards.
  • Electronic funds transfer.
  • Checks.
  • Money orders.
  • Cash.

You can pay the whole amount at once and get a lower price or pay in parts, but you may have to pay extra money or interest.

OIC also offers discounts and promotional offers such as:

  • Safe driver discounts.
  • Good student discounts.
  • Military discounts.
  • Referral bonuses.
  • Seasonal offers.

Claim payout ratios are vital, and OIC maintains a payout ratio of over 90%, ensuring most claims are honored promptly.

Coverage Details

Understanding policy details is essential.

Coverage details include policy exclusions, coverage limits, and optional add-ons or riders.

Policy exclusions specify situations not covered, while coverage limits set the maximum claim amounts.

OIC offers a variety of add-ons and riders to enhance coverage.

Claims

Handling claims efficiently is a top priority for OIC.

A claim is a request for payment when a covered loss or damage occurs.

The claims process is straightforward:

  1. Contact OIC: Report your claim by calling (800) 628-8581 or emailing claims@ohioindemnity.com. Provide your name, policy number, contact information, and incident details.
  2. Submit Documents: Depending on your claim, submit supporting documents such as photos, receipts, police reports, medical records, etc.
  3. Review and Adjust: OIC reviews the claim, assigns an adjuster, and evaluates the loss or damage. The adjuster may contact you for more information and determine compensation based on policy terms and conditions.
  4. Receive Payment: OIC issues payment via check, direct deposit, or electronic funds transfer once your claim is approved.

Required documents for claims vary by insurance type and incident nature.

OIC maintains an average claim approval time of about 10 business days, with updates throughout the process.

Legal & Compliance

OIC is committed to safeguarding your privacy and adhering to all relevant laws and regulations.

Key aspects include:

  • Privacy Policy: OIC’s privacy policy outlines data collection, use, sharing, and protection practices.
  • Terms and Conditions: OIC’s terms and conditions establish the agreement when purchasing an insurance policy.
  • Licenses and Accreditations: OIC holds licenses in all 50 states and the District of Columbia and is accredited by organizations like A.M. Best, Better Business Bureau, and National Association of Insurance Commissioners.

Renewals & Cancellations

OIC aims to maintain a long-term relationship with clients.

Renewals and cancellations involve specific procedures:

  • Policy Renewal: OIC sends renewal notices before policy expiration, providing premium details, coverage changes, applicable discounts, and renewal options.
  • Cancellation Policy and Fees: You can cancel your policy anytime, with potential cancellation fees based on timing and paid premium.
  • Grace Periods: OIC offers grace periods for certain policies, allowing extra time to pay premiums without losing coverage or incurring late fees.

Company Culture

OIC is more than an insurance provider; it’s a community with a shared vision, mission, and values:

  • Vision: To be the preferred specialty insurance carrier by delivering innovative solutions, exceptional service, and superior value.
  • Mission: To provide well-conceived, easy-to-administer insurance programs focused on achieving specific business goals.
  • Values: Upholding integrity, excellence, innovation, teamwork, and customer focus.
  • Diversity and Inclusion: Embracing diversity and inclusion as a source of strength, respecting differences, and creating a culture of belonging.
  • Social Responsibility: Committed to making a positive impact on society and the environment, supporting various causes, and encouraging employee volunteerism.

 Reviews and Ratings

  • John D. from Ohio, who has been an OIC customer for over a decade, expressed his satisfaction with their service and products. He finds them responsive, helpful, and professional, leading to savings and reduced hassle. He enthusiastically recommends OIC to those seeking specialty insurance.
  • Mary S. in Texas describes OIC as a fantastic company to collaborate with. She praises their friendly and knowledgeable staff, always ready to assist. Their diverse range of insurance products caters to different needs and budgets. Mary highlights their speedy and straightforward claims process, providing peace of mind. She’s delighted with her choice of OIC for insurance needs.

FAQs

  1. Q: How can I obtain a quote from OIC?

A: You can request a quote from OIC in a few ways. Visit their website and complete a simple form, call them at (800) 628-8581, or contact your agent for a quote.

  1.  Q: How do I make changes to my policy?

A: To make changes to your policy, reach out to OIC via phone, mail, email, or their website. Be prepared to provide documents or information to confirm your identity and changes. Depending on the nature and timing of your changes, you might also face a change fee.

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