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For more than nine decades, members of the New Jersey Business & Industry Association (NJBIA) and their employees have placed their trust with New Jersey Manufacturers Insurance Company (NJM). The NJM Relationship combines dedication to serving policyholders and bank customers with careful underwriting, prudent investing and opportunities for savings and value. While NJM's book of business has evolved over time, the concept of unwavering devotion to service and value remains unchanged.
NJM is by far the largest Workers' Compensation insurance provider in New Jersey and insures more vehicles in the Garden State than any other carrier. Residential, Personal Excess Liability (Umbrella) and Flood coverages round out NJM's suite of insurance products, and NJM Bank is a solid choice for commercial and personal banking needs.
Stability and consistency continued in 2010 to reign as the core principles of NJM's value. NJM remains well-positioned to serve the long-term interest of policyholders despite a still-weak economy, low interest rates for high-quality investments, near double-digit unemployment, and our worst storm incident on record – the March 13, 2010 Nor'easter, with covered losses topping $25 million. In the face of these challenges, NJM maintained its tradition of dividends in 2010, as declared each year since 1918. A cumulative $5.0 billion has been returned to policyholders over the past 93 years.
Independent, third-party assessments underscore NJM's careful stewardship of policyholders' resources. A. M. Best Company reiterated NJM's A++ (Superior) rating in January 2011 as a testament of our financial strength and ability to pay claims today and in the future. NJM's cost controls have been demonstrated by our underwriting expense ratio, which was 13.2 cents per premium dollar compared to the national average of 27.9 cents in 2009, the most recent year that data was available.
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NJM strives to maintain a reputation for outstanding service. NJM was named a 2011 Customer Service Champion by J.D. Power and Associates, one of only 40 companies in 12 major industries nationwide. NJM has consistently ranked among the best in the annual Auto Insurance Consumer Information Reports by the State Department of Banking and Insurance (DOBI). In the 2010 report, NJM received zero valid complaints, the second such feat in the past five years.
Another key to the value of an NJM Relationship is a package of services for policyholders. Workers' Compensation customers and their employees benefit from workplace training, safety inspections, and an online claims database to help lower claim frequency and monitor experience. In-house claims management combined with our Managed Care Organization ensures professional, personal service to our policyholders and claimants. A Premier Car Care network of qualified garages delivers prompt, efficient repair of damaged vehicles. Plus, policyholders welcomed a new roadside assistance program at no additional charge launched in early 2011.
Our commitment to the Garden State continued to grow in December 2010 when we opened our permanent home in South Jersey on a 56-acre tract in Hammonton. Our company-wide staff of 2,474 courteous and professional insurance employees (plus 54 more at NJM Bank) is ready to discuss the value of an NJM Relationship with you.
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