Poconos Insurance Agencies, PA Insurance Agents, Richmond & Associates

Poconos Insurance Agencies, PA Insurance Agents, Richmond & Associates

Richmond & Associates Insurance Agency

It is recommended that if you are about to purchase an insurance policy it is a good idea to understand what type of Insurance Agencies are out there in the Poconos. When you understand what different types of insurance companies are available then it will help you to make the best decision when choosing the perfect insurance policy for you, your family, or business.

The 6 different types of insurance companies are independent agents, direct sellers, standard lines, captives, excess lines, and Lloyd’s of London. This article will provide you with some of the basics about each of these different types of Poconos Insurance Agencies.

Direct Insurance

Direct insurance, or a direct seller, is a type of insurance carrier that does not use an agent. This will allow you to deal directly either over the phone or online. This type of agency may have field offices and they typically target younger people who are interested in managing and purchasing an insurance policy at their own leisure.

Captive Insurance Agency

A captive insurance agency is someone that represents a large insurance carrier. They will typically provide a wide assortment of insurance products. These type of agencies have well-trained agents who are familiar with the various insurance products that the insurance carrier offers. When you choose a captive agency, you will be immediately notified whether you can qualify for a particular insurance policy or not. After a few basic questions, the agent will be able to provide you with a quote. You will receive better personalized customer care when using a captive insurance agency.

Independent Insurance Agency

Similar to a captive insurance agency, an independent agency will represent and usually work for several carriers. An insurance agency such as Richmond & Associates LLC is an independent Insurance Agency. Whereas a captive agency will represent a single, large insurance carrier, an independent insurance agency like Richmond & Associates LLC owned by Mr.David Richmond represents several parent companies or insurance carriers and sells all types of Insurance policies such as Home, Life, Auto, Business Workman’s Compensation and others. The advantage for you as a client is that you will be able to quickly receive a multitude of quotes from a variety of insurance carriers all at once. This will provide you with the better option of getting the best rate.

Standard Lines Insurance Carriers

This type of insurance agency has the authorization to provide specific lines of insurance within a particular state. A standard lines carrier may also be known as an admitted carrier. The coverage provided by this type of insurance company is regulated in each state by the state board of insurance. The insurance company will be subject to the restrictions and laws of the state in which it operates.

Excess Carriers

An excess carrier insurance company is not regulated by the state and therefore it will provide coverage for specialty risks that are not covered by admitted carriers or standard lines carriers. A policyholder who has difficulty obtaining insurance from an admitted carrier or standard lines carrier will normally choose this type of insurance agency. Also, anyone who has a unique risk may need to choose an excess carrier for their insurance coverage.

Lloyd’s of London

Lloyd’s of London is not an insurance company. It is basically an insurance market that provides a platform for insurance sellers and buyers to come together. It typically specializes in insurance for high risk or unusual items. For example, they are well-known for insuring offshore oil risks or celebrity body parts. To find information and locations of other types of businesses in the Poconos you can visit our business listing and visitors guide website at My-Poconos.com.

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