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Selective Insurance Group

Insurance, United States, New Jersey, Branchville

Leading provider of customized insurance solutions with a focus on risk management and specialized coverages to protect businesses and individuals.

About Selective Insurance Group

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Basics

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Founded
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Total Employees
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Employees on OWCareers
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Main Office
United States, New Jersey, Branchville
Official Website
http://www.selectiveinsurance.com
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Other Insurance companies in United States, New Jersey, Branchville

FAQs – Selective Insurance Group

What role does a ceding company play in reinsurance recoveries?

A ceding company is responsible for submitting claims to the reinsurer for covered losses under their agreement. The reinsurer reimburses the ceding company according to contract terms, ensuring financial protection against large claims.


What are the best insurance companies for small businesses?

The best insurers for small businesses include The Hartford, Chubb, Travelers, and Nationwide, offering business liability, workers' compensation, and commercial property coverage.


What is an underwriting process, and how does it affect my premium?

Underwriting is the process where an insurer assesses your risk factors, such as health, occupation, and lifestyle, to determine the appropriate premium. A thorough underwriting process may result in higher or lower premiums.


Does homeowners liability insurance cover slip-and-fall accidents?

Yes, if someone slips and falls on your property due to unsafe conditions, liability insurance can cover medical bills and legal claims resulting from the incident.


What is proportional reinsurance?

In proportional reinsurance, the reinsurer and the insurer share premiums and losses in a predetermined ratio, distributing financial risk between both parties.


How does E&S insurance impact financial protection for businesses?

E&S insurance helps businesses stay protected against major financial losses when standard insurance is unavailable. It ensures coverage for lawsuits, property damage, and liabilities that could otherwise result in devastating financial consequences.


Does UBI track my location in real-time?

Some UBI programs use GPS to track mileage and routes, while others only collect driving behavior data. Insurers should disclose location tracking policies in their terms.


How does underwriting impact the cost of insurance premiums?

Higher risk applicants pay higher premiums, while lower risk applicants receive lower rates based on underwriting assessments and statistical data.


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