A Message to New York Agents and Brokers:
From: Commercial Mutual Insurance Company
Commercial Mutual (CMIC) was
established in 1886 as a Cooperative Assessment Insurance Company with the
purpose of serving the community in Greene and surrounding Counties. CMIC has
always prided itself on providing excellent customer service to its
policyholders, producers and claimants. That tradition continues today, as our
niche is the service we perform for our policyholders and producers. You will
always find a live person answering the phone at CMIC and a very prompt response
to your request to quote, bind or other request. If you do not receive the
service you expect, I want to know about it right away. You can call me at
845-340-8366 or E-Mail me at jreiersen@comutual.com.
Today CMIC is licensed as a
non-assessable Cooperative Assessment Company. We function in a manner identical
to a mutual insurance company. We write business only through independent agents
and brokers and we write business only in New York. Currently our premium volume
is $18 million per year, consisting of Homeowners, Dwelling Fire, Full
Commercial Automobile , Black Car Physical Damage and Private Passenger
Automobile Physical Damage Coverages. Prior to 2002, CMIC was utilized primarily
as a fronting insurer writing primarily Homeowners coverages. Since January
1,2002, CMIC has been operating on an autonomous basis servicing all of our own
business out of our only office located in Kingston, New York. We currently have
a Demotech rating of A (Excellent). All of CMIC’s Reinsurers have an AM
Best rating of A or better. All of our business is reinsured under quota share
reinsurance treaties. As we grow, we will retain more of our business thus
enabling us to make more profits thus permitting our writings to grow. We will
add new lines as we grow with the goal of being a full personal lines
writer.
Currently, CMIC has a Demotech
rating of A (Excellent). A Demotech rating of A qualifies our policies for all
banks and finance companies. We will be seeking an AM Best rating in the Spring
of 2006. AM Best considers CMIC to be a new company commencing business in 2002.
In order to obtain a rating, an insurer needs three to five years of experience.
CMIC writes its business through select producers and we believe our
relationship with our producers is the most important element of our success. We
pay very competitive commissions which grow as the volume increases. We will
take accounts as low as $50,000 per year and will give you ample time to reach
that volume. We also offer profit sharing for excellent loss
ratios.
CMIC is the only admitted market
for Black and Yellow Car Physical Damage Insurance and is the creator and only
market for Basic Auto-our unique private passenger physical damage product. We
went live with this product in late 2003, and we are now writing a fair amount
of this business. Basic Auto provides an inexpensive alternative to full
coverage for the many insureds who cannot afford physical damage insurance or
have dropped same due to the high cost. Basic Auto has 20 combinations of
deductibles and co-pays which permit an insured to cover 50 to 100% of any loss.
Of course, the lower the coverage the lower the premium. We believe Basic Auto
provides a new marketing opportunity for producers since we are marketing folks
who do not have physical damage coverage today. We believe consumers want the
option to buy partial coverage since everyone believes that “Some coverage is
better than no coverage”. CMIC also offers a standard private passenger physical
damage product at rates below the New York Auto Plan.
If you are interested in
becoming one of our select producers please call me at 845-340-8366.
