Rated Insurance For Professional Indemnity
An A rated insurer is one whose financial solvency has been investigated and graded by a credit rating agency, so that it is possible to make a judgement on their financial health and strength.
Insurers may be unrated because they are unable to obtain a rating, are based overseas, or are unwilling to share their financial details with a credit rating agency. Recent years have seen the collapse of a number of unrated insurance companies.
For some professions, the professional body stipulates minimum ratings for insurers. The Royal Institute of Chartered Surveyors is one example, meaning that unrated insurers are not generally an issue for surveyors.
But even if your professional body does not require insurers to be rated, you should be interested in the financial strength of your insurer, especially as the whole purpose of insurance is to reduce risk.
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