Gray Auto Insurance Review (2020)
Looking at Gray auto insurance? They offer commercial insurance to energy, oil and gas, land marine, and heavy construction companies with medium to large casualty risk.
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Written by
Mathew B. Sims
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Reviewed by
Daniel Walker
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UPDATED: Aug 18, 2020
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- Gray Insurance provides insurance for high-profit companies in the energy, oil, and construction industries
- Gray Insurance only provides four types of policies, including workers’ compensation and commercial liability
- Gray Insurance does not offer any type of personal auto insurance coverage
A Gray auto insurance review leads to Gray Insurance Company, a company founded over 50 years ago to write policies for energy, oil and gas, land marine, heavy construction, and medium to large casualty risk.
Gray Insurance is an elite insurance company focusing on high profit yielding companies in the categories mentioned above.
Because it deals with multi-million dollar companies, the risk that they take on when ensuring the companies is greater. Since there is a higher risk, the company focuses on only four specific types of coverage.
Although Gray does not sell individual auto insurance policies, you can still compare auto insurance rates by entering your ZIP code now!
Gray Insurance Company Policies
For its policies, Gray has mandatory limits on workers’ compensation in the amount of $1,000,000 and extra liability limits of $4,000,000.
These policies are written on a year to year basis so that each year the risk and benefit ratio can be assessed to determine if the amount of coverage is still right for the company.
The four types of policies written by Gray are:
- Workers’ Compensation
- Commercial General Liability
- Business Automobile Liability
- Maritime Employers’ Liability
When a policy is written, an adjuster is assigned to the company. When a claim is filed that adjuster will work one on one with the company until the claim process is complete, coming to the company in person.
Gray has three specific types of clients:
- Oilfield service industry – includes drilling contractors, pipe yards, and mud loggers
- Contractors – includes electrical, pile driving, and concrete hauling
- Maritime operations – includes shipyards, terminal operations, and stevedore
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Gray Insurance Agents and Adjustors
Gray Insurance has a group of highly trained individuals who work as agents and adjusters for the company.
Because the company insures such a specific group of industries, it is important for agents and adjusters to be familiar with the industry, its risks, and its benefits. Adjusters are expected to attend several training opportunities annually.
Since policy amounts are so high and the companies that hold policies have such high revenue, 24/7 access to adjustors is expected.
Claims for these types of industries are very complex and in many cases involve incidents in other countries or in international waters. Adjusters must be familiar with all the legal requirements for these types of claims.
Adjusters are expected to do more than just claim service. Gray adjusters do not just wait for a claim to be filed to be a part of their client’s company.
In an effort to keep premium costs down, Gray Insurance has a Safety and Loss Prevention policy that works closely with companies to lower their risk.
This involves adjusters coming to the company and conducting safety, health, and hygiene information and training services available to companies on a monthly basis.
Participating in training is an incentive that can reduce the overall cost of insurance to the company.
Gray Auto Insurance and Financial Stability
It would seem that a company that insures wealthy companies for millions of dollars would have a huge net surplus.
However, Gray Insurance recently received a negative rating from A.M. Best independent rating company due to investments that caused losses for the company.
At the time, A.M. Best assessed the financial assets of the Gray and determined that if several claims needed to be filed at once, the company would not able to fulfill its financial obligations to its customers. After this, the negative rating was applied to the company.
Since that time, Gray has worked one on one with their investors and with A.M. Best to change what they needed to change in order to receive a positive assessment.
Some of the steps to increase the rating involved getting rid of some high-risk policies and companies that had filed multiple claims in a 12 month period.
Gray Insurance has managed to raise the rating to A- which is an excellent rating. The financial stability of the company has increased and no customers or industries were negatively affected by the negative rating received.
To compare auto insurance rates yourself, enter your ZIP code now!