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Essentia Auto Insurance Review

Essentia Auto Insurance
  • 33333
Address: One Beacon Lane
City: Canton
State: MA
ZIP: 02021
Phone Number: (781) 332-7000
AM Best Rating: A (OneBeacon)
Market Cap: $1.24 Billion (OneBeacon)
Year Founded: 1901

Research into an Essentia auto insurance indicates no auto insurance company by this name. The Essentia Insurance Company is a property and casualty insurer originally incorporated in the state of Florida in 2007. Shortly thereafter they were acquired by Bermuda-based OneBeacon Insurance Group and assigned to their Marine insurance division. Today Essentia makes its headquarters at the OneBeacon Massachusetts office, focusing mainly on both consumer and commercial level Marine insurance coverage.

OneBeacon has two separate marine-based divisions; one is focused on commercial-grade, ocean-based operations while the other focuses on inland marine operations. Essentia Insurance Company is part of the latter group. They provide insurance coverage for both personal and commercial boats as well as accidents and property damage in relation to the normal operation of the watercraft they insure. Essentia does not provide auto insurance coverage of any kind.

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The address listed at the top of this article is the main address currently attributed to Essentia Insurance Company. However, OneBeacon maintains its U.S. headquarters in Minnesota. Below is the address and contact information for that office:

OneBeacon U.S. Corporate Headquarters
601 Carlson Parkway
Suite 600
Minnetonka, MN 55305
Phone: (877) 434-3900

Essentia Marine Insurance

Unlike some of the other OneBeacon divisions, their inland marine division does partner with local agencies to provide Essentia insurance coverage. Records for the state of Wyoming’s insurance department for example, list nearly 4 dozen agencies under contract with Essentia Insurance Company as of 2009. These agencies most likely deal with individual consumers and small business operations only. In all likelihood larger marine businesses would be handled directly by a corporate representative.

Unfortunately, Essentia Insurance Company does not maintain its own website and OneBeacon doesn’t provide any agent information on theirs. In order to find the agents we did, we had to search individual state insurance records. You could potentially get information about local agencies your area by either contacting OneBeacon directly or by calling local agents from your phone book and asking who they represent.

Essentia Insurance Company Claims

One Beacon Insurance Group divides its business into 13 different divisions, including the inland marine division of which Essentia is a part. Each division has its own claims department with individual telephone numbers and contact people. The information you need to get started with a claim can be found on your policy documentation as well as listed on the OneBeacon website. If you purchased your Essentia policy through a local agent, you might also be able to initiate a claim through that individual.

OneBeacon tries to make the claims process as easy and painless as possible. To that end they provide a limited number of documents in PDF format on their website. These documents, which are freely downloadable, answer specific claims questions regarding a few individual states and some special circumstances. Customers are urged to review any documentation that might be applicable to their situation in order to make the claims process as efficient as possible.

Essentia Insurance Company Financial Strength

Because Essentia Insurance Company was never really established as an underwriter before their acquisition, their financial strength lies almost exclusively in that of their parent company. That’s not necessarily a bad thing, especially since OneBeacon consistently enjoys an “A” rating from AM Best. OneBeacon is in a very strong financial position with the ability to meet all current obligations and potential claims. AM Best has also expressed confidence in the company’s future outlook by grading it as “stable.”

We were able to uncover Essentia’s financial report from last year which is another indication of their good financial footing. That report listed total assets at approximately $52.9 million, an approximate policy surplus of $34.5 million, and current working capital of approximately $4.5 million.

Essentia Insurance Company Careers

Although Essentia does not do business separate from OneBeacon, they do have job postings as part of the parent company’s database. You can find available jobs by visiting the OneBeacon of website and clicking the Careers link at the top of the page. This link takes you to a searchable database with all of the current openings listed. In order to use the search engine, or post a resume, individual users are required to create an online account.

One Beacon promotes itself as a great place to work with competitive compensation, an impressive list of benefits, and a working environment which encourages employees to think like owners. Full details about compensation and benefits can be found on the corporate website.

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