Markel Specialty Insurance Company Review

Is Markel Specialty Insurance a Good Insurance Company?

Markel Specialty Insurance Company at a Glance

Is Markel Specialty Insurance a Good Insurance Company?

  • Founded in 1930
  • Markel combined their US operations under the name Markel Specialty, effective April 1, 2020
  • File a claim by phone, online, or mail 24 hours a day, 7 days a week
  • Coverage available in all 50 states and includes international operations in Bermuda, Dublin, and London.
  • “A” (good) rating by A.M. Best
  • “A+” rating by Better Business Bureau (BBB)
  • BBB accredited since January 1, 2001

Markel Speciality Pros: Well-established carrier with 90 years’ worth of experience in the insurance industry. Highly rated by A.M. Best and the BBB. 24/7 claims reporting via online, phone and mail. They have a strong financial rating of A (excellent) with a stable outlook. Coverage is available in all 50 states and includes international operations in Bermuda, Dublin, and London. Markel Specialty has been BBB accredited since April 26, 1931.

Markel Speciality Cons: They are BBB accredited, but many of the reviews are negative, however, they do their best to help unsatisfied customers. There are no product reviews on the official website.

What Type of Insurance Does Markel Specialty Offer?

Markel Specialty’s core business is specialized insurance. They are a diversified specialty insurer that offers products in the casualty, property, professional lines, and surety segments of the insurance industry. Following are some of Markel Specialty's insurance products:

  • Casualty
  • Commercial property
  • Construction
  • Cyber liability
  • D&O, E&O
  • Energy and environmental
  • General and excess liability
  • Healthcare
  • Horse and farm
  • Inland marine
  • Management liability
  • Ocean marine
  • Personal lines
  • Professional liability
  • Small business
  • Special events
  • Trade credit
  • Workers compensation

Your independent insurance agent can help you locate more information about the coverage offered by Markel Specialty, and help you decide if this insurance company is the right one for you.

What to Know About Markel Specialty

Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the globe. Markel Specialty was founded in 1930, giving the carrier 90 years’ worth of experience in the insurance industry.

Today, Markel Specialty still focuses on providing multiple insurance solutions for its clients needing insurance. Coverage is offered in all 50 states. The insurance company's LinkedIn profile states that Markel Specialty has between 1,001-5,000 employees, with 3,384 of them found on the social media platform. As far as financial size, A.M. Best places the carrier in the $2 billion or greater category.

Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best show an insurance company’s financial strength and creditworthiness and are based on comprehensive assessments of the company’s operating performance, business profile, and balance sheet.

Markel Specialty has earned a reputation as an excellent insurance company with a stable outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Markel Specialty an “A” rating, indicating the carrier is an excellent choice for insurance consumers. High ratings from A.M. Best assure customers that Markel Specialty can offer guaranteed, secure coverage from a financially sound insurance company.

For customers not very familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an educated decision about who they can trust to meet their insurance needs in the short term, and in the long term.

What Discounts Does Markel Specialty Offer?

Markel Specialty offers a ton of discounts for you to take advantage of and include the following:

  • Anti-lock brakes discount: This discount is available to customers that have installed safety equipment on their vehicle, such as anti-lock brakes.
  • Anti-theft alarm discount: This discount is available to customers that have added an anti-theft device to their vehicle, such as an electronic alarm or tracking system.
  • Multi-unit discount: This discount is available to customers that own more than one vehicle.
  • Renewal discount: This discount is available to customers that renew their insurance policy with Markel Specialty.
  • Safe driver discount: This discount is available to safe drivers who have not had more than one minor violation in the last three years.
  • Safety course discount: This discount is available to customers that complete an approved class to learn how to safely drive a vehicle.
  • Accident forgiveness program: This discount is available to customers if they have an accident after four consecutive years of being accident-free. They will waive the at-fault surcharge for a first at-fault loss.
  • Transfer discount: This discount allows customers to receive a 10% discount for switching to Markel Specialty from another insurance provider.
  • Diminishing deductible: This discount is available to customers that have been accident-free for a specified number of years. Markel Specialty will reward customers by reducing their deductible by 25% for each consecutive accident-free year, all the way to a $0 deductible after the fourth year.

An independent insurance agent can provide in better detail, discount information and premium quotes for coverage through Markel Specialty. When it comes to coverage, independent insurance agents work hard to help to get you the most smoking deal on the insurance you need.

Markel Specialty Customer Service

Customers should immediately report all claims to your independent insurance agent or to Markel Claims by completing an online form, calling +1.800.362.7535, faxing +1.855.662.7535, or emailing newclaims@markel.com, with a copy to your agent.

The carrier also provides the following customer service options:

  • Online bill payments for most insurance
  • Assistance with phone and online premium payments
  • Set up electronic funds transfer (EFT)
  • Discuss billing history and payment plans
  • Change payment plans
  • Assistance with reinstating cancelled or pending cancellation policies
  • Create updated billing statements
  • Payment histories
  • Customer Service Availability - Markel Specialty’s customer service is available 24/7 by phone.


Hours (Eastern)


Monday-Friday 24/7


Saturday 24/7


Sunday 24/7

The best way to guarantee a smooth customer service experience is to work with an independent insurance agent. Independent insurance agents can assist you in handling claims and other concerns, so you can relax and enjoy your coverage.

bop

Find The Right Company Today.

Shopping for a company? We have the right one for you.

Markel Specialty FAQ

What is Markel Specialty's average claim response timeframe?

Markel Specialty offers claims reporting through a couple of ways, via online or by phone. However, the insurance company does not provide an official claims response time frame promise. Markel Specialty does encourage customers to file claims immediately.

What is Markel Specialty's customer service availability?

Markel Specialty allows customers to file claims over the phone or they can fill out an online form, 24/7. Their hotline for customer service inquiries does not specify business hours on their official website, social media pages. The carrier’s social media presence extends across Facebook, Twitter, and LinkedIn, which makes them more available to customers.

What is Markel Specialty's claims process?

Markel Specialty offers a couple of options for claims reporting, online, fax, and phone. However, the insurance company does not detail their claims process on their official website or social media platforms. If customers have questions about filing or the claims process itself, they can contact Markel Specialty via phone, online form, fax, or get in touch with an independent insurance agent.

Does Markel Specialty's insurance create a user-friendly experience for customers?

Markel Specialty’s official website makes it easy to find the insurance options you may be looking for in a policy. The carrier does not provide much information about their claims process or detail a claims response time frame. Online bill pay is available, as is 24/7 claims reporting via phone, fax, email, or online, which are great, modern customer service features. However, while Markel Specialty is not the worst in terms of user-friendliness, they could stand to update their website in a couple of areas.

Markel Specialty Customer Reviews

BBB.org
“My daughter was having a destination wedding in April but, due to Covid-19, it was cancelled. I had purchased Markel Event Cancellation insurance in October 2019. I called Markel and they were very understanding. It took me nearly a week to gather all of my 300 supporting documents showing contracts, invoices, cancelled checks, emails from 30 vendors. Markel approved my claim within a few days and I received a check a week later. They reimbursed me 100% less the deductible for all of my non-refundable deposits. I still cannot believe how wonderful Markel was throughout this whole process. I applaud the claims adjuster and everyone I spoke to: They were understanding, supportive, and kind. Thank you Markel for your honest handling of my claim, your responsiveness, and your professionalism. I thought I had lost that money for good. You have brought a smile to my face and relieved a lot of anxiety - and made this pandemic catastrophe much easier to bear.” Susan H.


Yelp.com
“Service # 1  ....  affordable  pricing. Don't let it go by without a try. If u have any questions- just give them a call - they talk in terms u can easily understand and make the right decisions.” -Steve L.


Yelp.com
“If you have horses you know they are expensive. When unexpected medical bills like colic happen it is heartbreaking. This insurance has saved my horses life by giving me the option to allow the surgeons to fix my horse.” -Melissa F.


Yelp.com
“It's simple, I needed full coverage motorcycle insurance. I have experience and a clean driving record.  I contacted 3 companies for quotes and Markel came in between, $300-$600 dollars CHEAPER AND WITH BETTER COVERAGE then those other 3 companies whom I won't mention except to say that they all spend a fortune on TV ads touting how cheap they are! -JL B.


Yelp.com
“Great pricing, easy to get covered in a few minutes online, and now I can ride with peace of mind. Do yourself a favor though if you do any long rides, and just add the $25 roadside assistance. My buddy and I rode 1,800 miles and he got a flat in Dallas, and really wished he hadn't tried to save the $25 when he had to have a tow!” -David T.


TrustedChoice.com's Final Review

We award Markel Specialty Insurance Company a final rating of 5 out of 5 stars. The insurance company has been around for 90 years, which is extraordinary within the insurance industry. Markel Specialty specializes in insurance products in the casualty, property, professional lines, and surety segments of the insurance industry.

Markel Specialty has received high ratings through A.M. Best and the BBB, and they are accredited through the last organization. Coverage is offered in all 50 states and includes international operations in Bermuda, Dublin, and London and they have many insurance options to choose from. The insurance company provides 24/7 claims reporting via phone, online, fax, and email.

There is plenty of information available about the carrier’s coverage options on their official website, however, there is no claims response time frame promise or an outline of their claims process available. It was not very difficult to find a lot of positive customer feedback about Markel Specialty online.

Therefore, our recommendation is that if you are in the market for casualty, property, or professional lines, look your options for trusted carriers with your independent insurance agent, and look into how Markel Specialty can help you out with your insurance needs.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2021, Consumer Agent Portal, LLC. All rights reserved.

https://www.markel.com/specialty

http://ratings.ambest.com

https://www.bbb.org

https://www.linkedin.com/company/markel-american-insurance-company/about/

Yelp.com