BancInsure Auto Insurance Review

BancInsurance Corporation is the holding entity that engages in niche underwriting of highly specialized property and casualty insurance product lines throughout the US. The firm specializes in providing lender-oriented loss protection. Its offerings encompass risk management of major automotive vendors’ economic exposure due to loss of uninsured collateral and catastrophic occurrences.

A multi-faceted approach to financial assurance

Commercial “gap polices” are among the company’s primary product offerings. Such coverage fills the financial void between a debtor’s outstanding loan balance and primary insurance benefit proceeds. The firm also safeguards commercial operators’ interests in heavy equipment such as farming, construction, and heavy-duty industrial vehicles and machinery.

Ultimate Loss Insurance® is another major item in the company’s inventory of full-service lender-dealer insurance products. These policies insure banks and other commercial financiers against damage, theft, or total destruction of vehicles that secure the debts of borrowers who fail to maintain adequate coverage.

An illustrious insurance history

Founded in 1970, BancInsurance Corporation is currently headquartered in Columbus, OH. BancInsure Auto Insurance began in 1985 with a loosely-knit collaboration of 15 banking associations. What began as an informal business alliance has blossomed into a full-fledged provider of bank-based loss protection products.

Organized as an Oklahoma-based subsidiary of BMSI Holdings, BancInsure is currently the sole independent auto insurance provider to the banking industry. As of this writing, the firm does not offer auto insurance coverage to individual consumers.

Although BancInsure does not currently offer individual auto insurance policies, it does offer commercial customers protection against damage to property that occurs during shipment or transport.

Solid foundation of financial safeguards

Licensed in 48 states, BancInsure itself maintains two subsidiary enterprises: Builders Edge and Matterhorn Financial. The former concern extends economic protection to construction providers. Its clients include suppliers and building contractors and subcontractors.

The latter endeavor is devoted to credit-based product developments designed to benefit commercial lenders. Mortgage protection, contract performance bonds, and master building and property policies are its primary product offerings.

BancInsurance gross annual revenues are roughly $60 million USD. The firm also owns over $120 million USD in assets. In 2005, the company received official recognition as one of the Best Places to Work in Columbus.

Diversification = financial offerings optimization

BMSI Marketing is an important BancInsure ancillary activity. Based in Oklahoma City, BMSI conducts all banking, sales, and marketing operations on behalf of its parent company.

In addition to its direct sales operations, the firm extends valuable loss protection via an extensive network of independent agencies and general managers.

A happy and highly satisfied banking clientele base

BancInsure’s corporate customer reviews reflect a consistently high level of overall satisfaction with the company’s outstanding product offerings. The vast majority of clients express immense loyalty to this commercial insurance brand. Maintaining the most competitive rates in the commercial insurance industry is the main way by which BancInsure seeks to bolster its base of satisfied clientele.

Because banks represent an enormous resource both individuals and businesses, their operations inhere immense liability. This inherent economic banking aspect entails absorption of tremendous loss and gain that depend largely upon the failure or success of parties to whom money is lent.

BancInsure fills the financial voids that emerge when institutional and individual debtors default on economic obligations due to inadequate loss protection coverage.

Continuing collaboration keeps it all afloat

BancInsurance currently maintains alliances with an impressive array of financial and loss protection partners. Despite this support, the firm has encountered some relatively turbulent economic times of late, amidst the struggle to retain its independent character. Formerly assigned a grade of “A-” by insurance industry analyst A.M. Best, BancInsurance’s financial standing and relative business credit rating recently fell to “B+.”

Nonetheless, any business seeking comprehensive loss protection against a broad array of potential pecuniary hazards and catastrophic losses should seriously consider BancInsurance. Make sure you look into an auto insurance comparison tool before you decide to make a final decision. You can find the best auto insurance that fits you!