Ocean Harbor Car Insurance Claims
Starting in February 1994, Ocean Harbor Casualty Insurance Company was formed to offer personal auto insurance policies in the state of Florida. Managed by Pearl Holding Group, Ocean Harbor Casualty Insurance Company’s sole purpose has remained focused on personalized automobile insurance policies and options.
Instead of creating a large call-center insurance company, Ocean Harbor Casualty decided to sell their insurance policies exclusively through the use of independent agents. This ensured that policy holders would have a face to associate with the company and the policy in which they are purchasing.
These individually operated insurance offices can be found throughout the continental U.S. and even Hawaii. They are still run under the supervision of Ocean Harbor Insurance and offer auto insurance policies through Ocean Harbor.
For a company that started just over 15 years ago, Ocean Harbor Casualty Insurance is growing in size. The use of independent sales offices has proven to be a financially profitable model. While the main office is still located within the state of Florida, the company is expanding into other states as well. In addition to Florida, offices may be found in New York.
Ocean Harbor Auto Insurance
Every Ocean Harbor insurance agent is licensed and should be able to offer knowledgeable advice when consumers are seeking auto insurance information. It is Ocean Harbor’s stated goal to give the customer the right guidance in selecting the best coverage and cost. The company claims help their customers meet all of their insurance needs by balancing needs with finances.
To meet these goals, Ocean Harbor offers a variety of insurance policies designed to fit just about any consumer’s budget. Customers can purchase auto insurance policies that include liability coverage, personal injury protection, uninsured motorist coverage, collision, comprehensive coverage, and even 24 hour road side assistance packages.
Financial Strength of Ocean Harbor
In 2004, Ocean Harbor had over $64 billion received in policy premiums, which was an increase from the $53 billion they had received in 2003. With continued growth by both Ocean Harbor and their owners, Pearl Holding Group, expected to increase this year. In 2002, Ocean Harbor’s actual income earned after tax was listed at $625,093 and was listed as an 86 percent increase in the state of Florida itself.
As of June 2010, A.M. Best Companies upgraded Ocean Harbor Insurance from a “B” rating to a “B+”. This was due to Ocean Harbor’s increase in risk-adjusted capitalization, sustainable profits, and a surplus of growth over the last five years.
Better Business Bureau Rating for Ocean Harbor
Ocean Harbor has been accredited through the Better Business Bureau (BBB) since May of 2005. The Better Business Bureau rates Ocean Harbor Casualty Insurance at “B”. This score is based on the number of complaints received by the BBB since their accreditation BBB has received 40 complaints filed against the auto insurance company since 2005. These complaints have been against both Ocean Harbor and owner, Pearl Holding Group.
The complaints have varied from advertising issues and contract issues, to refund and warranty issues. Out of the 40 complaints filed, 26 have been resolved and 14 were closed out by the BBB due to the claims not being satisfactory for dispute.