Tower Insurance Company
Tower Insurance Company
120 Broadway Suite 230
New York, NY 10271-3099
Tower Insurance Company is an insurance provider located in New York, New York and a member of the Tower Group Companies. On April 01, 2010, the company received solid financial strength ratings from A.M. Best, a leading independent insurance rating agency in the country. With a financial size category of X ($500 Million to $750 Million), A.M. Best gave a rating of A- (Excellent) with Stable Outlook to Tower Insurance.
Tower Insurance’s parent company, Tower Group Incorporated, is a publicly traded holding company listed on the NASDAQ Global Select Market under the symbol “TWGP”. Tower Group provides a wide range of property and casualty products to individuals and businesses throughout the United States through its insurance company subsidiaries referred to collectively as Tower Group Companies. It works directly with its producers to form tailored-fit products and services to meet the needs of small and mid-sized businesses in response to shifting market conditions.
Tower Insurance writes a broad array of business products for a wide segment of the marketplace. It offers commercial products that are customized to meet the needs of businesses in specific industries such as automotive services, contracting and hospitality, and real estate. The company’s market focus within these industries particularly centers on apartments, condos, co-ops, tenant-occupied dwellings, artisan trade contractors, small restaurants and retail stores. Tower Insurance delivers its standard products through retail and exclusive wholesale producers, in a non-admitted basis for its wholesale producers.
The company’s specialty division focuses on supplying personal and commercial insurance products in strictly defined, homogeneous market segments that are not commonly available through its brokerage division. The company ties up with program underwriting agents all over the country in addition to the underwriting performed by its internal specialty underwriting staff. These program underwriting agents have specialized underwriting and market knowledge in exclusive market segments including commercial construction, garage liability, long-term healthcare, and specialized transportation.
Tower Insurance also offers a wide array of personal lines property products in the Northeast and in California, for individuals who own or rent their own homes, co-ops, condominiums or apartments. In addition, it writes private passenger automobile insurance in Maine. For home and auto coverage, Tower Insurance combines the two for a total insurance protection, as well as the convenience of one policy and one bill. The company provides all-inclusive flexible solutions that will help customers protect their dwelling and personal property, whether they live in an apartment, cottage, or mansion. These solutions also meet clients’ liability needs. On the other hand, its auto insurance solutions are based on years of driving experience and driving histories for most vehicles and operators.
The Tower Insurance’s Claims Service provides litigation management services and multi-line loss adjustment. It is committed to the utmost standards of customer satisfaction and professionalism. The company delivers prompt and fair property claims adjustment by responding quickly to policyholders’ needs in the event of a loss. It also provides a prompt, equitable adjustment and payment of losses. It provides vigorous defense of third-party liability claims through meticulous investigation and strong defense of third-party liability claims. Aside from these, the company also has customized claims programs for policyholders, as well as loss cost reduction. Beyond adjusting claims, its claims service can supply helpful feedback on the cause and nature of losses with the intention of managing and reducing future claims and insurance costs.