Orlando Harmon
Markel Insurance offers both admitted and non-admitted lines of insurance. Admitted lines include workers' compensation, business owners, errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality insurance. Non-admitted lines include contract binding property and casualty, excess, and commercial pollution liability insurance. Markel also offers personal lines products including marine, specialty personal property, powersports, bicycle, and event insurance.
| Characteristics | Values |
|---|---|
| Admitted lines | Workers compensation, business owners, miscellaneous errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality |
| Non-admitted lines | Contract binding property & casualty, excess, and commercial pollution liability |
| Personal lines products | Marine, specialty personal property, powersports, bicycle, and event insurance |
| Surety products | Surety Agent portal |
What You'll Learn
Admitted lines for workers' compensation
In the case of Markel Insurance, they offer admitted lines for workers' compensation that cover a range of expenses resulting from on-the-job injuries. This includes coverage for lost wages and benefits, medical care and rehabilitation services, legal representation and compliance services, and even funeral expenses. Markel's workers' compensation insurance is designed to be flexible and affordable for businesses of all sizes, from small start-ups to large, established companies.
The process of filing a workers' compensation claim with Markel is straightforward. Injured workers can file a claim online or by calling their dedicated hotline. Markel's claims team strives to contact the injured worker and policyholder within 24 hours of a claim being reported. The company also provides easy-to-use online claims filing, medical provider search, and pharmacy services.
Additionally, Markel's workers' compensation claims staff includes specialized units such as a dedicated catastrophic claims unit for severe and complex claims, a special investigation unit to protect against fraudulent claims, and a prescription management program for convenient access to necessary medications.
It is important to note that workers' compensation laws and coverage can vary from state to state, and certain types of workers or injuries may not be covered in some states. Therefore, it is essential for individuals to review their specific policy documents and understand the limitations of their coverage.
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Admitted and non-admitted lines
Admitted insurance companies are licensed by the State Department of Insurance or insurance commissioners where they operate. They must adhere to regulations regarding policy forms, rate approvals, and claims handling. This means that these insurance carriers comply with their state's regulations. The state also verifies their insurance policy forms, rates, and requirements, and will step in to make payments on claims if the company fails. Admitted insurance is a great option for some businesses, but certain operations will require more flexibility in coverage options.
Non-admitted insurance companies are not approved by the state and do not necessarily comply with state insurance regulations. They do business through wholesale brokers in states where they do not have insurance licenses. This means they aren't required to follow the same regulations as admitted carriers. If the non-admitted insurance company becomes insolvent, there is no guarantee that claims will be paid. Non-admitted insurance companies are regulated by the state surplus lines office. They are usually referred to as "surplus lines" or "excess lines insurers".
Markel offers both admitted and non-admitted lines of insurance. Admitted lines include workers' compensation, business owners, miscellaneous errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality. Non-admitted lines include contract binding property and casualty, excess, and commercial pollution liability.
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Personal lines products
Markel Insurance is an admitted carrier, offering a wide range of personal lines products to meet the unique needs of individuals. The personal lines products available through Markel's MAGIC Personal Lines portal include:
Marine Insurance
Markel offers a wide variety of marine insurance options for almost any type of boat or watercraft. This includes specialised coverage for marine-related risks.
Specialty Personal Property
This insurance covers manufactured homes, coastal properties, multi-family housing, and other hard-to-place risks.
Powersports
Markel provides insurance for individuals with an active lifestyle, including coverage for various powersports vehicles and e-bikes.
Bicycle Insurance
Bicycle insurance from Markel covers theft, damage, and more.
Event Insurance
Markel offers protection for special events such as weddings, anniversaries, birthday parties, and memorial services.
Automotive Investment Insurance
In partnership with Hagerty, Markel offers insurance for automotive enthusiasts and collectors.
Motorcycle Insurance
Markel has partnered with Voom to offer a pay-per-mile motorcycle insurance solution.
Pet Insurance
Markel offers simple and affordable pet insurance plans through Prudent Pet Insurance.
Markel provides access to surety products through the Surety Agent portal.
Markel's personal lines products are designed to provide peace of mind and protection for individuals' important assets and special events. The company's financial strength and stability back these insurance offerings, ensuring value for customers.
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Markel's surety products
Markel Insurance offers a range of surety products to support clients with their contractual obligations and help them grow in a dynamic global environment. The company provides both traditional and bespoke surety solutions, with a focus on the construction industry but also applicable across various trade sectors and international markets.
- Performance Bonds: These guarantee the employer that a nominated contractor will perform according to the terms and conditions of the contract.
- Advance Payment Bonds: This type of bond serves as security when money is paid upfront before the delivery of goods or services as per the contract.
- Retention Bonds: In construction contracts, employers often withhold a percentage of payment from each instalment due to the contractor. A retention bond can be issued to enable the contractor to receive the full amount, improving their cash flow.
- Highways Act Bonds: These bonds are typically in favour of local authorities, ensuring that statutory obligations related to road or sewer construction and maintenance are fulfilled.
- Deferment Guarantees: This type of guarantee is provided to HM Revenue and Customs, allowing companies importing goods into the UK to defer duty and tax payments for 45 days.
- Warehouse Bonds: These are guarantees required by HM Revenue and Customs for bonded warehouses.
- Rural Payment Agency Guarantees: These guarantees enable specific traders and processors to bid for European Union quotas and schemes.
- Environment Agency Bonds: These are issued in favour of the Environment Agency to ensure that contractors operating landfill sites, quarries, or recycling plants fulfil their license obligations.
Markel's surety team is committed to providing responsive, creative, and consistent support to its clients. The company has the financial strength and expertise to offer significant surety capacities to businesses at competitive rates. Additionally, Markel can consider international surety bond requirements and structure cross-territory solutions.
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Markel's insurance partners
Markel Insurance is a leading global specialty insurer with a people-first approach. With over 5,000 employees worldwide, the company is committed to finding creative solutions for complex risks. Markel Insurance manages Markel Specialty, Markel International, and Markel Global Reinsurance, as well as State National and Nephila, their insurance-linked securities operations.
Markel Insurance offers a broad array of tools and knowledge, allowing them to create tailored coverage solutions for complex needs. They provide insurance solutions for individuals and businesses of all sizes, understanding that not all risks fit into a simple box. Their products and services are tailored to the unique needs of businesses and industries, with a focus on building lasting partnerships to serve more people in more places.
Markel Insurance is committed to being a long-term partner, always seeking innovative partners and taking calculated risks. They started by insuring small business owners' jitney buses when no one else would, and now they serve everyone from Main Street to Wall Street. Markel Insurance is there for their partners when they need them the most, helping them seize opportunities and providing support when challenges arise.
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Frequently asked questions
Yes, Markel Insurance is an admitted carrier. They offer admitted lines for workers' compensation, business owners, miscellaneous errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality.
An admitted carrier is an insurance company that has been formally licensed by a particular state to sell insurance in that state. Admitted carriers are regulated by the state and are members of a state guaranty fund, which protects policyholders in the event that the insurance company becomes insolvent.
Admitted carriers are licensed and regulated by the state, while non-admitted carriers are not. Non-admitted carriers do not have the same level of regulatory oversight as admitted carriers and are not backed by a state guaranty fund. As a result, policies from non-admitted carriers may be cheaper but also come with more risk.
