On August 30, 2016, NCMIC once again received an “A” (Excellent) Financial Strength Rating from A.M. Best,* the leading industry analyst that has been rating the financial strength and operating performance of insurance companies for 115 years. Read on to find what this rating means.
by Wayne Wolfson, D.C. in We Take Care of Our Own on Tuesday, November 8, 2016
A.M. Best’s rating reflects NCMIC’s strong capitalization, good financial flexibility, excellent operating performance and company stability.
Why is an A.M. Best rating important to you?
When deciding on a malpractice insurance provider, a few questions should be asked as it is essential to know who is backing your coverage. Is the company reputable? Is it financially stable? If you are like most doctors, you probably don't have the time to research each and every company.
This is where A.M. Best comes into the picture. As the world’s oldest and most authoritative insurance rating and information source, A.M. Best sets the benchmark for determining an organization’s credibility. Doctors who value their assets have come to rely on A.M. Best ratings and analysis to verify an insurer’s financial strength and its ability to meet its obligations if a malpractice suit is alleged or initiated.
Their independent third-party evaluation of NCMIC’s ability to fulfill its financial obligations to policyholders serves as a key indicator that your malpractice plan will be there for the long-term and provide peace of mind in case you need it.
NCMIC prides itself on consistently maintaining strong financial results that benefit our doctors and doing things the right way for our policyholders. “We Take Care of Our Own” is more than a slogan. It is how we have been doing business since 1946 and is why A.M. Best again rated us "A" (Excellent) and why more Doctors of Chiropractic and chiropractic institutions insure with NCMIC. In fact, A.M. Best specifically mentioned “strong client retention achieved through a high level of customer service…” in its commentary on NCMIC’s operations.