Frequently asked questions

You’ve got questions, we’ve got answers

What is Hiscox’s financial rating?

Our companies in the US include Hiscox Inc. and Hiscox Insurance Company Inc. Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer admitted or licensed to do business in all 50 states and the District of Columbia. Hiscox Insurance Company Inc. is rated A (Excellent)1 category (FSC) of XI, proving we have strong capital reserves.

Hiscox Inc., a DE corporation, that does business in California as Hiscox Insurance Agency, is an approved Lloyd’s coverholder and underwrites surplus lines business on behalf of Lloyd’s Syndicates 33 and 3624. Syndicate 33 is rated A (Excellent)2 by A.M. Best and Syndicate 3624 benefits form the overall group rating of Lloyd’s which is A (Excellent)3. Lloyd's syndicates are restricted in doing business in the USA and its territories as they are not US-based insurers. The business we write on behalf of Lloyd's Syndicates 33 and 3624 in the US is placed through US insurance brokers.

For more information visit the Hiscox investor site .

1 A.M. Best rating as of February 10, 2017.
2 A.M. Best rating as of February 10, 2017.
3 A.M. Best rating as of September 1, 2016.

Why should I choose Hiscox?

Our service, specialty knowledge, and courage make us different.

No two businesses are exactly the same and we are committed to offering flexible and intelligent underwriting solutions, with coverage tailored to a business’s needs. We also don’t shy away from complex risks.

Learn more.

What’s the automatic renewal process?

Automatic renewals process
Automatic renewals are presumed bound and no affirmative order to bind is required.

Notification – notification emailed to broker of record approximately 90 days prior to expiration.

Review – broker reviews the following material changes with the insured to determine if it is still eligible for Automatic renewal: 

  • Revenue growth or decline (or similar exposure base)
  • Mergers, acquisitions, or divestitures 
  • Claims or losses 
  • Significant changes in services and operations

Policy issuance – if there are no material changes, we will issue a binder, invoice, and policy about 4 weeks prior to expiration.

Discontinue coverage – if the insured does not want to renew their coverage, please notify us as soon as possible.

What’s the traditional renewal process?

Traditional renewals process
Traditional renewals are reviewed by an underwriter, as is the industry standard.

Solicitation – solicitation and application emailed to broker record approximately 90 days prior to policy expiration.

Quote – application reviewed and quote is issued.

Order to bind – we require an affirmative order to bind to bind renewal.

Policy issuance – policy is issued once any and all subjectivities have been met.

Payment – broker remits premium as per the invoice.

Follow up – reminder emails sent approximately 45 days and 15 days before current policy’s expiration if no renewal application received. 

What accounts are eligible for automatic renewal?

Accounts that are eligible for Automatic renewal vary by line of business, industry, and state of domicile. However, the following eligibility rules generally apply:

  • $25,000 and under in expiring premium
  • No claims or losses, since with Hiscox
  • Maximum of two previous consecutive auto renewal terms
  • Compliant within state statutes and filings (for admitted business)
  • Eligible lines of business include: Allied Healthcare, Architects & Engineers, Miscellaneous Professional Liability, General Liability, Cyber, Technology, Management Liability, Media Liability, and Entertainment Production

If for some reason, your brokerage/agency cannot participate in our Automatic renewal process, please notify your Regional Executive so alternative arrangements may be made.

Accounts with material changes should be submitted to us for review. An underwriter will consider the informational change and decide to let the Automatic renewal stand or requote the account.

If the Automatic renewal stands, above Automatic renewal process applies. If the account is requoted, the Traditional renewal process applies.

How do I report a claim?

Find all information on how you or your client can report a claim in our claims center.

Why do claims matter?

At Hiscox, we are reinventing your claims experience, and it begins with relationships that are based on trust. So we always start by assuming that a claim is valid.

Our claims service is at the heart of our business and we take seriously our duty to handle insurance claims with the utmost good faith. It’s our belief that superior claims handling should be based on fairness and common sense.

Each of our distinct lines of commercial insurance claims divisions is headed up by specialists that know and understand the industries and risks we underwrite. These specialists are leaders in their respective lines of commercial insurance claims and play important roles in the development of risk awareness in those industries.

This level of expertise and commitment to the industries we serve results in expert, efficient, courteous and fair handling of your insurance claim to minimize the disruption to your life and your clients’ business.

How do I become a Hiscox broker?

We work in partnership with a small number of professional brokers who value profitable, mutually beneficial relationships. We look for the following when selecting brokers:

  • Active E&O coverage with an aggregate limit of $5 million or more.
  • Licensed agent and/or broker, in good standing, in the states where you plan to write business.
  • Guaranteed total of $150,000 in written premium for the first year of doing business with Hiscox USA.
  • Excellent reputation, high degree of expertise, market knowledge and financially secure.

Products offered through Wholesale brokers only:

  • Allied Healthcare Professional and General Liability
  • Architects, Engineers and Construction Managers Professional Liability
  • Commercial Property
  • Miscellaneous Professional Liability

Products offered through Retail and Wholesale brokers:

  • Construction Property
  • Crime
  • Entertainment Production
  • Kidnap & Ransom
  • Media Liability and Entertainment Errors & Omissions
  • Not-for-Profit Management Liability
  • Privacy / Data Breach
  • Private Company Management Liability
  • Public Officials / Public Entity Professional Liability
  • Technology
  • Terrorism

If you fulfill the above qualifications, complete our Broker Application, which should take approximately 7-10 minutes to complete. Submit the completed application to [email protected] and a Hiscox representation will be in contact within 7 business days. Please note the completion of the broker application does not guarantee an approval to place business with Hiscox.

If you have questions, please feel free to contact at [email protected] or 914-273-7420 between 9-5pm Monday-Friday.