Colony Specialty Insurance Review & Complaints: Commercial Insurance (2024)
Colony Specialty Insurance Company is an excess and surplus commercial insurance company that provides coverage for non-standard risks. Licensed in 49 states, Colony Specialty Insurance Company offers specific and complex insurance products, such as monoline inland marine and dry cleaner pollution.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Nov 27, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Colony Specialty is an excess and surplus commercial insurance company covering non-standard niche risks. They are a member of international holding company Argo Group.
What is Colony Specialty?
Originally founded in 1988 under a different name, Colony Insurance began using the Colony name in 1994 and built a reputation as a non-standard excess and surplus insurance company for hard-to-insure commercial risks.
In 2001 Colony was acquired by The Argonaut Group, which later shortened its name to Argo Group. The 2010 merger of Colony Insurance with Argonaut Specialty formed the company as it stands today: Colony Specialty.
Colony Specialty is licensed in 49 states and the District of Columbia. The company itself is a Virginia-based company with offices in Richmond, VA, while the Argo Group is based out of Bermuda. Products are sold through insurance agents across the service area.
Colony focuses on specialty excess and surplus products in the commercial market. They are a very specific niche insurance company that provides coverage for those portions of a company’s risks that are ineligible for insurance coverage through a standard commercial insurance package policy product.
Because the company’s products are diverse and usually purchased as an add-on to a full commercial insurance policy issued either by another Argo member company or by another insurer. Because of the specific nature of these products, it is hard to provide a good description.
Some of the products listed on the Colony section of Argo’s website are:
- Monoline Inland Marine
- Dry Cleaner Pollution
- Storage Tank Pollution
- Premises Environmental and Remediation Liability
- Contractor’s Pollution Liability and Errors and Omissions
- Excess Environmental Liability
- Restoration Contractors
- Industrial Products
- Facilities Environmental Coverage
- Contractors and Consultants Environmental Coverage
- Specialty Property
- Primary and Excess Casualty
- Transportation
The details of these products are specific and complex, and for informational purposes are best explained by an agent working with an insurer to put together all of the necessary coverage for proper protection.
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Does the insurer offer competitive rates?
Colony Specialty does not have any sort of online quoting, which is exactly what we expect from a company that is so specialized.
This type of risk is very specific in nature and requires a lot of business information and details in order to make sure quotes are accurate. The type of business seeking this coverage does best sitting down with an agent to make sense of their needs and coverage options.
There is a section on the website to help potential new customers find their local broker.
Are the ratings and consumer reviews positive?
The insurer is not rated by the Better Business Bureau (BBB) but does have an A+ rating with only one complaint on file in the past three years. There are no complaints in the past twelve months.
Google has four reviews of this company with an overall three-star rating. Only one of the reviews has any detail, and it is written by someone who had a claim against one of Colony’s insured companies denied, not an actual Colony customer. The two positive reviews have no comments at all.
That is the limit of what we were able to find for this company. It is not unusual to see little in the way of reviews for specialty companies, especially commercial ones.
Can Colony Specialty Insurance claims be filed online?
Ease of Filing a Claim (online, over the phone, mobile apps)
Colony Specialty Insurance Company offers several options for filing claims. Customers can file claims over the phone, via email, or by fax. While these methods provide flexibility, it’s worth noting that there is no online claim form available for submission through the company’s website.
The absence of an online claim form may be a drawback for customers who prefer a digital and streamlined claims process.
Average Claim Processing Time
Colony Specialty Insurance promises to have a representative in contact with the policyholder within 24 hours of receiving a claim. However, the exact processing time for individual claims may vary depending on the type of product and the specific details of the claim.
It’s advisable for policyholders to inquire about the expected processing time when filing a claim to have a clear understanding of what to expect.
Customer Feedback on Claim Resolutions and Payouts
Colony Specialty Insurance Company has limited publicly available customer feedback regarding claim resolutions and payouts. The company is not rated by the Better Business Bureau (BBB).
While it holds an A+ rating with only one complaint on file in the past three years, there are no complaints within the past twelve months.It’s important to consider that specialty insurance companies, especially those catering to commercial clients, may have fewer customer reviews available.
Policyholders are encouraged to reach out to their insurance agent for more information on the company’s claims satisfaction and payout history.
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Colony Specialty Insurance Digital and Technological Features
Mobile App Features and Functionality
Colony Specialty Insurance Company does not appear to offer a dedicated mobile app for policyholders. The absence of a mobile app may be a limitation for customers who prefer the convenience of managing their insurance policies on their smartphones or tablets.
Policyholders should check with the company or their insurance agent for any updates on mobile app availability.
Online Account Management Capabilities
Colony Specialty Insurance Company’s online account management capabilities are not explicitly mentioned in the provided information.
Given the specialized nature of their insurance products, it’s recommended that policyholders contact the company directly or consult their insurance agent for details on online account management, including features such as policy access, payments, and document management.
Digital Tools and Resources
The information provided does not specify the presence of digital tools and resources offered by Colony Specialty Insurance Company. Customers interested in accessing digital tools or educational resources related to their insurance policies should inquire directly with the company or their insurance agent to determine what digital offerings are available.
What’s the bottom line?
Because of the nature of Colony’s products, it is hard to compare them to other companies or to draw any real conclusions regarding the company. Certainly, there are no red flags in their reputation, and we saw nothing to lead us to advise against putting this company on your quote list.
Frequently Asked Questions
What is Colony Specialty?
Colony Specialty Insurance Company is an excess and surplus commercial insurance company that offers coverage for non-standard risks. It is a member of the Argo Group and provides specific and complex insurance products, including monoline inland marine and dry cleaner pollution coverage.
What types of products does Colony Specialty offer?
Colony Specialty focuses on specialty excess and surplus products in the commercial market. Some of the products listed on their website include commercial general liability, professional liability, commercial property, and commercial auto. These products are best explained by an agent working with an insurer to determine the necessary coverage for specific needs.
Does Colony Specialty offer competitive rates?
Colony Specialty does not provide online quoting for their specialized insurance products. Due to the specific nature of these risks, it is recommended to sit down with an agent to discuss the coverage needs and options.
Can claims be filed online with Colony Specialty?
Claims for Colony Specialty policies can be filed over the phone, via email, or by fax. The insurer promises to respond within 24 hours of receiving the claim. The claims process may vary depending on the type of product and the details of the claim.
What are the ratings and consumer reviews of Colony Specialty?
Colony Specialty has an A+ rating from the Better Business Bureau (BBB). It has only one complaint on file in the past three years and no complaints in the past 12 months. Google reviews for the company are limited, with an overall three-star rating based on four reviews. It’s important to note that specialty companies, especially commercial ones, may have fewer reviews available.
What is the bottom line regarding Colony Specialty Insurance?
Due to the specialized nature of Colony Specialty’s products, it is challenging to compare them directly with other companies. However, there are no red flags in their reputation, and there is no reason to advise against considering them for insurance coverage.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.