Frequently asked questions

Our companies in the US include Hiscox Insurance Company Inc. (NAIC# 10200), and its general agent, Hiscox Inc. Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer admitted or licensed to do business in all 50 states and the District of Columbia. Hiscox Insurance Company Inc. is rated A (Excellent) by A.M. Best with a group financial size category (FSC) of XV ($2 Billion or greater), proving we have strong capital reserves.

Hiscox Inc., a DE corporation that does business in California as Hiscox Insurance Agency, is an approved Lloyd’s cover holder and underwrites surplus lines business on behalf of Lloyd’s Syndicates 33 and 3624. Syndicate 33 is rated A (Excellent) by A.M. Best. Lloyd's syndicates are restricted in doing business in the USA and its territories as they are not US-based insurers. The business we write on behalf of Lloyd's Syndicates 33 and 3624 in the US is placed by licensed surplus lines insurance brokers.

What is the administrative fee? The fee is an administrative charge that covers the cost of assembling and issuing the policy.

• Why is the administrative fee being increased Jan 1 2022? The administrative fee is only changing on renewals. The fee has not kept up with inflation and with the rising costs of doing business.
• Is the fee the same in every state? No. In some states we do not charge a fee while in others the fee is capped. Is the fee the same in every state? The administrative fee is not charged in the following states: AL, FL, GA, IN, KY, MD, MA, MT, NJ, VT, VA, and WY. Note that in MI, MS and NC the fee is charged but capped and remains unchanged from what it was prior to January 1, 2022.
• Does the administrative fee apply to all business? No, the fee is only added to surplus lines business, excluding stand-alone Terrorism policies.
• Does this include automatic renewals? Yes, all renewals whether automatic or manually underwritten will be impacted.

Our service, specialty knowledge, and courage make us different.

No two businesses are exactly the same and we are committed to offering flexible and intelligent underwriting solutions, with coverage tailored to a business’s needs. We also don’t shy away from complex risks.

Learn more.

Automatic renewals process
Automatic renewals are presumed bound and no affirmative order to bind is required.

Notification – notification emailed to broker of record approximately 90 days prior to expiration.

Review – broker reviews the following material changes with the insured to determine if it is still eligible for Automatic renewal: 

• Revenue growth or decline (or similar exposure base)
• Mergers, acquisitions, or divestitures 
• Claims or losses 
• Significant changes in services and operations

Policy issuance – if there are no material changes, we will issue a binder, invoice, and policy about 4 weeks prior to expiration.

Discontinue coverage – if the insured does not want to renew their coverage, please notify us as soon as possible.

Traditional renewals process
Traditional renewals are reviewed by an underwriter, as is the industry standard.

Solicitation – solicitation and application emailed to broker record approximately 90 days prior to policy expiration.

Quote – application reviewed and quote is issued.

Order to bind – we require an affirmative order to bind to bind renewal.

Policy issuance – policy is issued once any and all subjectivities have been met.

Payment – broker remits premium as per the invoice.

Follow up – reminder emails sent approximately 45 days and 15 days before current policy’s expiration if no renewal application received. 

Accounts that are eligible for Automatic renewal vary by line of business, industry, and state of domicile. However, the following eligibility rules generally apply:

• $30,000 and under in expiring premium
• No claims or losses, since with Hiscox
• Maximum of two previous consecutive auto renewal terms
• Compliant within state statutes and filings (for admitted business)
• Eligible lines of business include: Allied Healthcare, Architects & Engineers, Miscellaneous Professional Liability, General Liability, Cyber, Technology, Management Liability, Crime and Media Liability

If for some reason, your brokerage/agency cannot participate in our Automatic renewal process, please notify your Regional Executive so alternative arrangements may be made.

Accounts with material changes should be submitted to us for review. An underwriter will consider the informational change and decide to let the Automatic renewal stand or requote the account.

If the Automatic renewal stands, above Automatic renewal process applies. If the account is requoted, the Traditional renewal process applies.

Find all information on how you or your client can report a claim in our claims center.

At Hiscox, we are reinventing your claims experience, and it begins with relationships that are based on trust. So we always start by assuming that a claim is valid.

Our claims service is at the heart of our business and we take seriously our duty to handle insurance claims with the utmost good faith. It’s our belief that superior claims handling should be based on fairness and common sense.

Each of our distinct lines of commercial insurance claims divisions is headed up by specialists that know and understand the industries and risks we underwrite. These specialists are leaders in their respective lines of commercial insurance claims and play important roles in the development of risk awareness in those industries.

This level of expertise and commitment to the industries we serve results in expert, efficient, courteous and fair handling of your insurance claim to minimize the disruption to your life and your clients’ business.

Digital opportunities

Are you an agent or small retail broker? Use Hiscox NOW to bind PL, GL, and BOP for small businesses in minutes through our wholesale broker partners. www.hiscox.com/partner-agent

We partner with a small number of professional brokers who value profitable, mutually beneficial relationships. We look for the following when selecting brokers:

• Active E&O coverage with an aggregate limit of $5 million or more.
• Licensed agent and/or broker, in good standing, in the states where you plan to write business.
• Guaranteed total of $100,000 in written premium for the first year of doing business with Hiscox USA.
• Excellent reputation, high degree of expertise, market knowledge and financially secure.

If you fulfill the above qualifications, please fill out our appointment form.

If you have questions, please contact [email protected] and a Hiscox representative will be in contact within 7 business days.
 

Traditional broker opportunities

We partner with number of professional brokers who value profitable, mutually beneficial relationships. We look for the following when selecting brokers:

• Active E&O coverage with an aggregate limit of $5 million or more.
• Licensed agent and/or broker, in good standing, in the states where you plan to write business.
• Guaranteed total of $100,000 in written premium for the first year of doing business with Hiscox USA.
• Excellent reputation, high degree of expertise, market knowledge and financially secure.

Products offered through Wholesale brokers only:

• Allied Healthcare Professional and General Liability
• Architects, Engineers and Construction Managers Professional Liability
• Miscellaneous Professional Liability

Products offered through Retail and Wholesale brokers:

• Crime
• Cyber
• Entertainment Production
• Kidnap & Ransom
• Management Liability
• Media Liability
• Technology
• Terrorism

If you fulfill the above qualifications, please fill out our appointment form.

If you have questions, please contact [email protected] and a Hiscox representative will be in contact within 7 business days.