Is Seneca Insurance a Good Company?

UPDATED: Jan 14, 2013

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UPDATED: Jan 14, 2013Fact Checked

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Asked January 14, 2013

1 Answer

Seneca Insurance Company is one of several companies owned by Fairfax Financial Holdings Ltd. The business operates as an individual entity but enjoys the backing of a major competitor in the financial sector. It is a specialty insurer with a focus on home and property policies. You may also see it referred to as the Seneca Specialty Insurance Company.

What is Seneca's financial rating?

Fairfax Holdings declared a net profit of 175 million dollars in 2011, a margin that is, by definition, shared with its properties. The company is rated as "A" (excellent) by the A.M. Best Financial Ratings Company and has received a long-term outlook of "A+" (Superior) along with a stable outlook. Fairfax Holdings was last evaluated in May of 2012. 

What does this mean for the average consumer getting insurance quotes from Seneca Insurance Company, Inc.? This stable entity is likely to stick around and offer consistent premiums.

Read insurance reviews.

How satisfied are the company's customers?

Seneca Insurance Co. has underwriting offices in 13 major cities around the United States to better serve their clients. Because of the nature of their services, the company feels that a close relationship with the customer is the best approach, helping them to better provide high-risk lines of coverage to those who need them. 

Customers can also make a request for services online or over the phone. Neighborhood branches offer the in-person experience many are looking for.

Where can you buy Seneca insurance plans?

Seneca Insurance Company is licensed to sell insurance products in all 50 states. The company also maintains a website where clients can manage their accounts, report claims, or seek helpful insurance information. Future customers can use the site to explore coverage options, connect with customer service, request a quote, and more.

As with any insurance company, verify their standing with your own state department of insurance before purchasing a policy. It's also best to get multiple quotes and compare them side by side. This way, you know the quote you're getting is competitive relative to the insurance industry.

Auto insurance experts can also advise you on the actual comparison between casualty insurance products. Sometimes, paying a little more makes a big difference in your coverage.

Seneca Insurance Company is a high-risk specialty insurer. They specialize in vacant properties, bankruptcies, insuring labor organizations, bail bonds, surety bonds, contract insurance, and inner-city mercantile. They also underwrite high-risk policies for things like flood and earthquake coverage, generally designed for commercial applications. Industries like insurance are highly competitive. Seneca Insurance's way of keeping up is by providing not just specialty coverage, but affordable insurance coverage. This allows many high-risk insurance customers to make confident insurance decisions.

Answered January 14, 2013 by Anonymous

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