Marine insurance is necessary for many businesses operating on the waterways or in relation to them. There are a few factors that you can use to choose a solid insurance company to work with. One of these factors is the credit rating. What does the Atlantic Specialty Insurance company rating mean?
An insurance company with a higher rating has good financial strength. Depending on the rating agency, it is wise to go with an insurance company with the highest ratings. These companies have the proven ability to pay insurance claims on time.
Four rating agencies handle the majority of insurance company credit ratings. Standard & Poors and Fitch also do credit ratings for corporations. A.M. Best and Moodys focus on insurance companies. The rating scale for each company is different and not necessarily equal.
Businesses rely on insurance companies to handle the defense costs and financial losses of a claim. Without legal defense, it is difficult for a company to win a lawsuit. High credit ratings mean the insurance company is not likely to dissolve and leave you paying the bill.
The Atlantic Specialty Insurance company rating is high making it a good choice for many marine businesses. If you’re not sure about how they will work for your business, a little research can give you the answers you seek.