How do I get a quote from AEIC?
AEIC is accessible to all independent agents. AEIC does not require an agency contract. If you are not presently working with an agent, AEIC may be able to recommend a local agent.
Can I get a quotation from another carrier's application or renewal application?
Provided loss and financial information is included, AEIC is able to offer terms based on a competitor’s application form. Terms will be offered subject to the completion of the AEIC Application (available online)
Do I need a surplus lines license to place business with AEIC?
No, AEIC is not a surplus lines carrier and not subject to surplus lines licensing requirements (or additional taxes and fees).
What is a risk retention group?
Risk retention groups are a special class of liability insurance carriers formed under the auspices of the Federal Liability Risk Act of 1986. Risk retention groups represent homogenous professional interests and have been formed in a variety of professions, including accountants, attorneys, physicians and engineers/architects. In order to participate in a risk retention group, the insured must be a shareholder of the company. AEIC’s insureds fulfill this requirement by purchasing one share of AEIC stock.
Are State Guarantee Funds available to AEIC policyholders?
No, AEIC, like all Risk Retention Groups, are ineligible for State Guarantee Funds in the case of insolvency.
What is AEIC's current AM Best Rating?
AEIC is rated A- (Excellent) by AM Best. AEIC takes a proactive approach in working with its insureds to satisfy contractual requirements of governmental entities or other clients whose demands exceed AEIC’s rating or financial size category.
What is AEIC's security?
Similar to surplus lines carriers, AEIC is prohibited from participating in the state guarantee funds. To mitigate the risk to AEIC insureds, AEIC has sought after and procured the highest quality reinsurance. AEIC’s reinsurance partners provide the financial strength necessary to secure the policy and increase the program’s capacity.
What design disciplines will AEIC insure?
AEIC writes coverage for all design disciplines, including specialty practices that have traditionally been hard to place. AEIC’s underwriting criteria are driven more by the firm’s experience than their practice. AEIC does take a very cautious posture with firms engaged in residential design work.
Does AEIC offer project insurance?
Yes, project insurance is available to those firms insured by AEIC, either in the form of excess limits or stand-alone project limits. Project-specific coverage is not available for those firms not insuring their practices through AEIC.
Is there a minimum premium?
Annual premiums below $10,000 are written on an exception basis.
Is the premium assessable based on the group's performance?
No, there is no risk of assessments or retrospective rating by AEIC.