James River Insurance Reviews 2022: All you need to know

James River Insurance
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As a business person, independently covering or repairing damages might stress you out. Therefore, you need an insurance company that will take care of your business needs. This is the part James River Insurance comes in.

This insurance company has a 1.3 star rating according to google reviews, 3.2 starts on glassdoor and 1.3 on yelp. Not impressive right? Do not conclude yet. Let’s delve into the services James River offers  first.

However, in this article, you will shown different coverage options this company offers including the E&S line Insurance 

Keep reading to see more.

About James River Insurance

James River Insurance Company is a specialty insurer that operate in all 50 states and Washington, D.C. on an approved non-admitted basis. 

Since 2003, James River has served thousands of commercial clients with innovative insurance solutions to meet their specific needs. Each submission is assessed individually at James River because no two businesses are alike. 

Furthermore, the company works with expressly authorized surplus lines brokers in a brokerage model.

Their underwriting strategy is defined by a broad risk appetite and the capacity to develop solutions for both low and high-risk organizations. Many of which other underwriters would turn down. 

However, they’re the real deal when it comes to E&S underwriting. The business attempts to provide outstanding service and treat customers with respect.

James River Insurance Coverage Options

Below are the coverage options this company offers;

Property Insurance

If you own a lot of things like a car or a house, you might want to get property insurance to protect them. For example, if you have a burst pipe, you might lose or damage things that were covered by this policy. 

Depending on what you mean by “property,” it could be your house, your car, your valuable toys, or even the property your business owns (in some cases). 

This is the insurance that helps pay for things like repairs and replacements for your own property. 

See also: ALEATORY INSURANCE Reviews: All you need to know

Casualty Insurance

Casualty insurance is the insurance that covers you if you’re going to be sued for something bad. 

This part of your insurance will help pay for things that happen when you’re found to be at fault for someone else’s losses. This includes both physical injuries and damage to property. 

Most of the time, this will help pay for things both in and out of court. It will pay for your legal defense fees and any restitution you’re ordered to pay, up to the limits of your policy. 

This is the insurance that helps you pay another person if you are found to have caused them harm.

Healthcare Insurance

Health insurance is a contract requiring an insurer to pay some or all of a person’s healthcare bills in exchange for a premium. 

More specifically, health insurance often covers the insured’s medical, surgical, prescription drug, and dental expenses. It can pay the care provider directly or compensate the insured for expenses incurred as a result of illness or accident. 

It’s frequently included in employee benefit packages as a way to entice top talent, with premiums. These are partially covered by the business but frequently withheld from employee paychecks. 

With limited exclusions for company employees, the cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.

Additional Coverage Options 

Below are the additional coverage options this company offers;

Professional E&O (Non-Medical)

Errors and omissions insurance (E&O) is a sort of professional liability insurance. It covers businesses, their employees, and other professionals from claims of poor work or carelessness. 

The truth is, real estate agents and brokers frequently expect that every transaction will run well. Also they frequently expect that all of their buyers and sellers would be fair. 

Regrettably, reality can rapidly disprove them. The curb attractiveness of a home may conceal structural issues on the inside. Lead paint, a failing septic system, a leaking roof, a termite infestation, a radon or asbestos problem…

All of these things could be lying behind closed doors, waiting to sabotage the sale or cause legal wrangling afterwards. 

Similarly, the people you work with may appear to be pleasant at first. However, if something goes wrong during the purchase, they may turn to you for financial assistance.

Flood Insurance

Flood insurance is a sort of property insurance that protects a home from losses caused by floods. Floods caused by severe or prolonged rain melting snow and coastal storm surges, clogged storm drainage systems, or levee dam collapse. 

Generally, a flood is regarded a catastrophic significant occurrence in many places. The damage or destruction it causes is not covered unless you have extra insurance.

Earthquake Insurance

Earthquake insurance is a type of property insurance that compensates the policyholder in the event of property damage caused by an earthquake.

Most standard homeowner’s insurance policies do not cover damage caused by earthquakes.  But James River Insurance covers earthquake damages.

Most earthquake insurance policies have a high deductible. This means that this sort of insurance is only effective if the entire house is destroyed.It is not if the house is only damaged. 

Furthermore,the rates are determined by the location and the likelihood of a loss due to an earthquake. Wooden houses may have lower rates since they endure earthquakes better than masonry houses.

James River Insurance E&S Underwriting

Excess and surplus lines insurance is a type of insurance that protects firms with high risk or a bad loss history. This can make it difficult to find coverage in the standard insurance market.

Casualty insurance in high-risk areas and professional liability in high-risk businesses are two common areas of coverage. 

However,while licensed insurance agents in your state sell E&S insurance, the insurance carrier that provides the products is not licensed in your state.

This allows a surplus lines insurer to place risks that would be impossible to cover in the traditional insurance market.

Who needs the E&S Insurance?

Depending on their industry and how long they’ve been in business, small businesses may be required to obtain E&S insurance.

The following are some of the most prevalent sectors that require E&S insurance: 

  • General contractors
  • Tree Service  
  • Roofing contractors 

Further, the frequent use of dangerous equipment or employees working in hazardous environments may cause harm. For this reason, many insurance carriers will be hesitant to provide coverage for these high-risk businesses. 

In addition to these industries, regular carriers may refuse to insure enterprises with less than three years of experience. This is  because of their “high-risk” status. 

In any case, when admitted insurers are unable to provide coverage, many of these businesses will turn to E&S insurance. James River insurance provides this coverage.

How do I get excess and surplus lines insurance coverage on James River Insurance?

Excess and surplus lines insurance can be purchased from James River. Also it can be gotten from any number of insurance brokers licensed to sell excess lines coverage in your state. When determining whether to go with an admitted or non-admitted company for insurance, there are various factors to consider. 

However, many small business owners purchase their normal liability insurance through the accepted market. Then they turn to the surplus lines market for risks that are impossible or prohibitively expensive to place through their regular provider.

Generally, the specialized lines market is the sole option to obtain coverage.  A company located in an area prone to unusual risks, may insure part of these risks through surplus lines businesses. 

Whether you receive coverage from regular carriers or surplus lines carriers, it’s critical to evaluate the financial rating of your supplier. This should be done as you develop your risk management strategy.

PS: You can visit the company’s website to the see the full guide. Click here for more.

James River Manufacturers and Contractors Insurance

A manufacturer’s or contractor’s liability policy is an insurance policy purchased by a manufacturer or contractor. This insurance is purchased to cover liabilities such as injuries that may arise during the course of their work. Commercial general insurance policies, which have become more common, have largely supplanted this sort of insurance.

Workplaces in manufacturing and contracting are frequently hazardous. As a result, injuries are common at these locations. 

Such liabilities can be covered by a suitable manufacturer’s and contractor’s liability insurance policy. 

However, many of these insurance exclude independent contractors from coverage. 

As a result, contracting organizations that want to protect independent contractors may need to purchase a separate insurance policy for them or hunt for one that does.

James Rivers Liability Insurance for Medical Professionals

Medical malpractice insurance is a common misnomer for medical professional liability insurance (MPLI) (MMI). It’s bought to shield a doctor or a health-care facility against the financial risks—the liability—that come with practicing medicine. 

It protects the doctor from the consequences of a patient’s allegation that he or she was hurt as a result of the doctor’s negligence. 

In exchange for a premium, this insurance is obtained through a contractual arrangement known as a policy. 

The insurance company undertakes to bear financial responsibility for the defense and payment of claims brought against the policyholder (physician). Usually up to a certain coverage amount (liability limit) for a predetermined period of time (the policy period). 

Additionally, when doctors get commercial professional liability insurance, they are “transferring risk” to the insurance company. That is, by paying premiums, they transfer responsibility for any claims made against them to the insurance company. This puts the insurance company, rather than themselves, at risk for any money spent on claim defense or resolution.

Certain types of coverage are usually excluded from the policy. This excluded coverage defines or specifies behaviors that are not covered by insurance. This includes intentional misconduct – acts that occur outside of the scope of medical profession, such as sexual misconduct. 

However,third-party coverage is provided by medical professional liability insurance, which reimburses a person. Typically the wounded person or their family who is not one of the two original parties to the insurance contract. Indemnity is the term for this type of payment. 

Furthermore, most insurance policies provide first-party coverage to the physician for the costs of defending a claim. This is  regardless of whether indemnity is ultimately paid.

Conclusion

James River Insurance Company operates in a fast-paced sector of the business insurance market. This company has a creative, hardworking staff that provides our clients with quick, creative solutions that drive our success. 

They are dedicated to building and cultivating a diverse workforce that is united in purpose and ethical mission.

FAQs

Where is this company located?

This company is located at 6641 W Broad St #300, Richmond, VA 23230, United States.

What is the company’s phone number?

You can reach them through  +1 804-289-2700

How do I file a claim?

To file a claim Click here.

How do I find a Broker?

Click here here to find a broker.

References

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