Ohio Indemnity Auto Insurance Review (2024)

After performing an Ohio Indemnity auto insurance review, it was determined that this company is in the business of insuring financial institutions.

Financial institutions include banks and credit unions. The company also insures 501(c)(3), or non-profit organizations, and they are licensed to conduct business in 50 states. (Wondering which states have the cheapest auto insurance? Check out our piece on cheap auto insurance by state.)

Ohio Indemnity is a necessary resource for these financial institutions to avoid the so-called “red tape” that most insurance policyholders experience in filing claims.

The claims process is sometimes long and involves generating documentation and verifications that pass through many hands from beginning to end.

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What You Should Know About Ohio Indemnity

This company protects its policyholders against losses from charge-offs, write-offs, and other monetary losses that are beyond their control.

When a bank customer’s loan is in default, the institution is at a loss for demanding the money if the customer cannot be located or does not have it to repay.

As a financial institution, it must have a constant flow of funding available to continue servicing its other customers.

Ohio Indemnity Insurance UC Assure Program for Non-Profits

Non-profit organizations are treated differently because they operate differently. Whereas most business coverage uses the company’s unemployment budget as a basis for insurance rates, non-profit premiums are based on gross yearly payroll.

With Ohio Indemnity’s UC Assure program, these organizations don’t have to be concerned with mid-year rate changes that other business types have to take into consideration.

With the many changes that unemployment is undergoing in a struggling economy, Ohio Indemnity protects their policyholders from all of the unemployment turbulence.

They offer education, regular reports, and unemployment account advice from experts who train these organizations on ways to save on this huge expense.

For those who want to understand this program’s relation to transportation and auto insurance, think about the number of non-profits who use transportation and employees who are behind the wheel.

The individual, any passengers, and the transportation source has to be insured; therefore, there will be a trickle-down effect in the event of an accident.

Ohio Indemnity Insurance Principles

This company prides itself on its principles, and these principles help it to build long-term relationships.

Communication is a key principle in maintaining direct contact with its agents to make sure their policyholders have the technology, expert advice, and commitment they need.

This way the company is on the cutting edge of methods they need to by-pass the bureaucracy that is associated with insurance claims processing.

As an approved and top surety bond provider, they are able to assure companies that insure federal bonds and funding. This is important to specialized markets with a niche that requires bonding.

Many of these businesses involve the financing of transportation portfolios.

Ohio Indemnity Insurance Coverage Options

Special programs are available to lenders who face situations unusual to the general public.

Four programs are specific to lender’s needs yet similar to the insurance needs of any business:

• Vendor Single Interest – protects against vehicle confiscations such as when the government or other officials hold the vehicle for open court cases; protects the lender’s portfolio of vehicles that may not be recovered from repossessions or when there is damage to the vehicle when it is recovered
• GAP or Guaranteed Auto Protection – covers the difference between the primary insurance policy amount and the loan balance; offers protection up to 150 percent MSRP. It also covers defaulted loans up to $50,000, as well as deductible amounts on new or used vehicles with loans up to eight years
• Equipment Physical Damage –available on the term of the loan or yearly; covers the actual cash value on agricultural, construction, lawn, and commercial equipment vehicles. This coverage is also available for loans financed up to eight years and valued for as much as $100,000
• Creditor Placed Insurance – intended to cover vehicles and other personal property used for collateral; also for losses where the owner does not have enough insurance to cover the damages. All of the programs cover the lender’s whole portfolio of vehicles if defaulted on, stolen, or not recovered for any other reason