IMG Insurance

[global expat]

On 2/20/2024 at 10:27 PM, Etaoin Shrdlu said:

IMG is a well-established insurance broker and Sirius Point is rated A- by AM Best, which is a good financial strength rating. 

 

Sirius is most likely the one that will decide whether a claim is payable.  Brokers usually do not have claims settling authority. IMG should be able to help you if you have any issues with Sirius. I'm not suggesting that they can get claims paid when the illness or injury isn't covered, but they can assist with communications and understanding what is needed. IMG should also have enough commercial influence with Sirius to allow them to see things in a favorable light.

 

One way to head off disappointment is to read and understand the insurance policy before you give the order to bind coverage. Make sure you understand your obligations under the policy, especially your duty of disclosure when completing the proposal form.

 

Under the law of agency, an insurance broker is your agent, not the insurance company's, and should be your advocate in all matters when it comes to dealing with the insurance company. You might want to ask for a scope of services agreement or engagement letter from IMG so that you know what you can expect from them in terms of service. 

 

Good luck.

 

@Etaoin Shrdlu is img an insurance company not broker? I know pacific prime is a broker. 

 

Is img under good regulation? 

 

Thx mate

[Etaoin Shrdlu]

24 minutes ago, global expat said:

@Etaoin Shrdlu is img an insurance company not broker? I know pacific prime is a broker. 

 

Is img under good regulation? 

 

Thx mate

 

IMG acts as a managing general agent for some insurance companies. That means it has the authority to underwrite, issue policies, and also pay claims under agreements with certain insurers. It may also act as an independent insurance broker with respect to other companies. IMG itself is not an insurance company, however.

 

I've always questioned whether an insurance broker that acts as a managing general agent can effectively represent a policyholder's best interest vis-a-vis an insurance company with which they have an MGA agreement, especially if their MGA agreement contains profit sharing provisions. But that may not be an over-riding concern with consumer insurance that is subject to consumer protection regulations in a well-regulated jurisdiction.

 

IMG's headquarters are in the state of Indiana in the US, but may also be licensed in other states or countries, so you would want to know with which IMG entity you were dealing. Any US-regulated IMG office should be ok as far as regulatory oversight is concerned, although some states may have better consumer protections than others. 

[jerrymahoney]

While the IMG TrustPilot reviews are mostly favorable, they get their share of negatives:

 

https://www.trustpilot.com/review/imglobal.com?stars=1

 

Note this from https://www.imglobal.com/faq:

 

I am a U.S. Citizen. Am I eligible for your Global Medical Insurance (GMI) plan?
You are eligible for our Global Medical insurance plan if you reside outside of the U.S. or have a good faith intent to reside outside of the U.S. for six months or more in a calendar year. 

 

This 6-month ex-USA restriction is a dead giveaway this policy will be ultimately handled by a Lloyd's reinsurer.

[global expat]

@Etaoin Shrdlu I did not know img acts as a broker for different insurance companies. Like which ones? How does img sell its competitors insurance? 

 

Mga agreement? 

 

thanks mate 

[Etaoin Shrdlu]

39 minutes ago, global expat said:

@Etaoin Shrdlu I did not know img acts as a broker for different insurance companies. Like which ones? How does img sell its competitors insurance? 

 

Mga agreement? 

 

thanks mate 

 

I don't think IMG's website and linked documents disclose all of IMG's relationships, so I don't know.