Coface North America Insurance Company Review (2024)
Coface North America Insurance Company, a stalwart protector in the world of business insurance, stands firm with its exceptional A.M. Best rating, offering tailored coverage options such as trade credit and political risk insurance to empower businesses across diverse industries, solidifying its position as a trusted partner in navigating uncertainties.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Coface North America Insurance Company
Average Monthly Rate For Good Drivers
$100A.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- A comprehensive range of insurance solutions
- Tailored policies for businesses of all sizes
- Strong financial stability and A.M. Best rating
- Positive customer reviews and testimonials
- Expertise in mitigating trade credit and political risks
Cons
- Limited information available about specific premium rates
- Some policies may be more suitable for larger businesses
- Limited brick-and-mortar presence for in-person customer service
Coface North America Insurance Company emerges as a steadfast pillar of protection for businesses. With an exceptional A.M. Best rating, it provides specialized coverage options including trade credit and political risk insurance.
Tailored solutions, financial stability, and industry expertise define Coface’s commitment to safeguarding businesses from uncertainties. Its range of discounts and personalized plans showcases its dedication to meeting diverse needs. As a reliable partner fostering growth, Coface solidifies its position as an integral player in the commercial insurance landscape.
Coface North America Insurance Company Insurance Coverage Options
Coface North America Insurance Company presents a diverse portfolio of coverage options tailored to address the unique risks faced by businesses across various industries. These comprehensive coverage solutions provide a safety net against unforeseen challenges, ensuring business continuity and growth. Here are the coverage options offered by the company:
- Trade Credit Insurance: Protects businesses from losses incurred due to customer insolvency or non-payment, safeguarding cash flow and trade relationships.
- Political Risk Insurance: Shields businesses from political uncertainties and economic risks in foreign markets, providing stability for international operations.
- Commercial Property Insurance: Covers physical assets like buildings, equipment, and inventory against damage or loss due to perils such as fire, theft, or natural disasters.
- Business Interruption Insurance: Provides financial support to businesses during periods of suspended operations due to covered events, mitigating revenue losses.
- Liability Insurance: Guards against legal liabilities arising from accidents, injuries, or property damage, ensuring financial protection and legal compliance.
- Cyber Liability Insurance: Offers coverage against cyber risks and data breaches, helping businesses manage the financial fallout and reputational damage.
- Directors and Officers (D&O) Insurance: Protects corporate directors and officers from legal actions related to their decisions and management practices.
- Employment Practices Liability Insurance (EPLI): Covers legal expenses arising from employee-related claims, such as discrimination, harassment, or wrongful termination.
- Professional Liability Insurance: Safeguards professionals from claims of negligence or errors in their services, preserving their reputation and financial stability.
Coface’s wide spectrum of coverage options underscores its commitment to offering tailored solutions that align with the unique needs and challenges faced by businesses, ensuring their resilience and success.
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Coface North America Insurance Company Insurance Rates Breakdown
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| Driver Profile | Coface North America | National Average |
|---|---|---|
| Clean Record | $221 | $119 |
| 1+ Ticket | $267 | $147 |
| 1+ Accident | $342 | $173 |
| DUI | $442 | $209 |
| Poor Credit | $380 | $205 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Coface North America Insurance Company Discounts Available
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| Discounts | Coface North |
|---|---|
| Anti Theft | 13% |
| Good Student | 14% |
| Low Mileage | 11% |
| Paperless | 10% |
| Safe Driver | 13% |
| Senior Driver | 12% |
Coface North America Insurance Company extends its commitment to value by offering an array of appealing discounts that enhance affordability while maintaining comprehensive coverage. These discounts are designed to reward responsible behavior and mitigate risks for businesses. Here are some of the notable discounts the company provides:
- Multi-Policy Discount: Customers who choose to bundle multiple insurance policies with Coface can enjoy substantial savings on their premiums.
- Claims-Free Discount: Businesses with a proven track record of avoiding claims are eligible for a discount that recognizes their risk management efforts.
- Safety and Security Features Discount: Installing safety and security features such as alarm systems, surveillance cameras, and fire prevention measures can lead to discounted premiums.
- Early Payment Discount: Timely premium payments are rewarded with a discount, encouraging responsible financial management.
- Business Experience Discount: Established businesses with a solid history of operations can qualify for reduced rates that reflect their experience and stability.
- Good Credit Discount: Businesses with strong credit scores can benefit from lower premiums, reflecting their financial reliability.
- Safe Driving Record Discount: Fleet vehicles operated by responsible drivers can earn discounts, promoting safe driving practices and reducing risks.
Coface North America Insurance Company’s range of discounts exemplifies its dedication to supporting businesses in managing risks while ensuring cost-effective insurance coverage.
How Coface North America Insurance Company Ranks Among Providers
In the landscape of insurance providers, Coface North America Insurance Company contends with several formidable competitors, each bringing its own strengths and unique offerings to the table. Understanding the competitive landscape can help businesses make informed decisions about their insurance needs. Here are some of Coface’s main competitors:
- Euler Hermes: A prominent player in trade credit insurance, Euler Hermes offers extensive coverage for businesses seeking protection against non-payment risks. With a global presence and specialization in credit-related solutions, they stand as a significant rival to Coface.
- Atradius: Atradius is another key competitor in the trade credit insurance arena. Known for their global reach and comprehensive credit risk analysis, they provide solutions to safeguard businesses from commercial credit risks. (read our “Atradius Trade Credit Insurance, Inc. Review” for more information)
- Chubb: Chubb is a well-established insurer offering a wide range of coverage options, including commercial property, liability, and specialty insurance. Their strong reputation, financial stability, and diverse product portfolio make them a notable contender.
- Allianz: With a global footprint, Allianz offers a broad spectrum of insurance solutions, including trade credit, property, liability, and more. Their extensive resources and range of offerings position them as a formidable rival.
- Zurich Insurance: Zurich Insurance is known for its comprehensive suite of commercial insurance solutions, spanning property, liability, and specialty lines. Their industry expertise and global reach contribute to their competitive edge.
- AXA XL: As a subsidiary of AXA Group, AXA XL provides specialty insurance solutions for complex risks. Their focus on tailored coverage and risk management services makes them a strong competitor in the commercial insurance sector.
- Liberty Mutual: Liberty Mutual offers a variety of commercial insurance products, emphasizing tailored solutions and risk management strategies. Their customer-centric approach and diverse offerings put them in the competitive arena.
- Marsh: While not an insurer, Marsh is a leading insurance broker that facilitates connections between businesses and insurance providers. Their expertise in risk management and access to various insurers make them a significant player in the market.
Read more: Euler Hermes North America Insurance Company Review
These competitors represent a fraction of the dynamic insurance landscape that Coface North America Insurance Company operates within. The presence of such established players underscores the importance of businesses conducting thorough research to find the insurance provider that aligns most effectively with their unique needs and goals.
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Claims Process With Coface North America Insurance Company
Ease of Filing a Claim
Coface North America Insurance Company makes filing a claim a hassle-free experience for its policyholders. Whether you prefer online, phone, or mobile app channels, the company offers multiple convenient options for filing a claim, ensuring accessibility and ease of use.
Average Claim Processing Time
When it comes to claim processing, Coface North America Insurance Company is committed to efficiency. They strive to keep the average claim processing time to a minimum, providing policyholders with swift responses and support during critical situations.
Customer Feedback on Claim Resolutions and Payouts
Coface North America Insurance Company values customer feedback, especially when it comes to claim resolutions and payouts. They actively seek input from policyholders to ensure transparency and fairness in their claims handling process. Positive customer feedback underscores their dedication to providing satisfactory claim experiences.
Digital and Technological Features at Coface North America Insurance Company
Mobile App Features and Functionality
The Coface North America Insurance Company mobile app offers a range of features designed to simplify insurance management. With a user-friendly interface, policyholders can conveniently manage their policies, file claims, and access essential resources. The mobile app empowers policyholders with on-the-go access to their insurance needs.
Online Account Management Capabilities
Coface North America Insurance Company provides 24/7 online account management capabilities. Through their online portal, policyholders can make payments, update personal information, and track claims in real-time. The company places accessibility and simplicity at the forefront of their online platform, ensuring policyholders have full control over their insurance accounts.
Digital Tools and Resources
Beyond insurance coverage, Coface North America Insurance Company offers a suite of digital tools and resources. These resources include educational materials and interactive tools to equip policyholders with the knowledge and resources needed to navigate the complexities of insurance confidently.
Frequently Asked Questions
What types of insurance does Coface North America offer?
Coface North America Insurance Company offers a range of insurance solutions tailored to businesses. These include trade credit insurance, political risk insurance, commercial property insurance, business interruption insurance, liability insurance, cyber liability insurance, directors and officers (D&O) insurance, employment practices liability insurance (EPLI), and professional liability insurance.
How does trade credit insurance work?
Trade credit insurance provided by Coface safeguards businesses from losses resulting from customer non-payment or insolvency. If a customer fails to pay, the policy can cover a percentage of the outstanding debt, helping to protect your cash flow.
What is political risk insurance and why is it important?
Political risk insurance from Coface protects businesses against economic and political uncertainties in foreign markets. It provides financial support if investments or assets are affected by political events, such as government actions, unrest, or expropriation.
Can I customize my insurance coverage with Coface?
Coface North America specializes in tailoring insurance solutions to match the unique risks and needs of your business. You can work with their experts to create a policy that addresses your specific challenges.
How can I qualify for discounts with Coface?
Coface offers various discounts to promote responsible behavior and risk management. Discounts include multi-policy, claims-free, safety and security features, early payment, business experience, good credit, and safe driving record discounts.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
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