What is a Financial Rating and Why is it so Important?
Posted by One Guarantee on 23rd November 2020 -
The main credit rating agencies, known as the Big Three, are Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. These agencies are the universal standard for providing financial ratings.
Insurance policies can be short-term such as travel policies; annual for example car insurance; or long-term such as a Latent Defects policy which can be in place for up to 12 years. The financial strength of an insurer becomes increasingly important when the insurance policy is in place for longer periods of time.
Take for example a short-term travel policy. The cover you require need only last for a relatively short period, so the likelihood of an insurance company being able to service any claims is very probable because any potential claim would be presented within the period of holiday or shortly afterwards. With a long-term insurance contract such as a Latent Defects Policy, you need to be confident that the insurers ability to service claims will stand the test of time and that the insurer in question will be able to meet their liabilities should they arise.
All Warranties from One Guarantee are underwritten by a AA-rated Insurer, accredited by Standard and Poor’s. To find out more about Structural Warranties or obtain a quotation, call 01603 218288 or email us.
One Guarantee
One Guarantee are a building warranty provider and offer a range of warranties for commercial and residential property throughout the UK.
