AURA

AURA Insurance Review: A Detailed Look at Their Services and Offerings

In today's competitive insurance landscape, finding a reliable and trustworthy provider can be challenging. AURA Insurance, a program administrator and specialty lines insurance wholesaler, aims to meet the unique needs of businesses, particularly those in the real estate sector. This comprehensive review delves into AURA's history, insurance products, pricing, customer service, and overall strengths and weaknesses, providing a detailed understanding of what they offer.

Overview

Year of Establishment and Background Story

Founded in 2006 by Ken Hager and Tom, AURA Insurance (American Union Risk Associates, LLC) boasts a strong foundation built on extensive experience in the insurance industry. [2] Both founders brought their expertise to the table, shaping AURA into a reputable force in the market. [3] This background is evident in their dedication to providing tailored insurance solutions to clients.

Key Milestones in the Company’s History and Growth

AURA's journey has been marked by significant milestones that have propelled its growth and solidified its position as a leader in its niche.

• Establishment of Real Estate Umbrella Program: AURA's foray into the real estate market began with the launch of its high-limit real estate risk purchasing group programs. These programs have been a driving force behind AURA's success, offering exceptional pricing and coverage terms to a wide range of real estate segments. [3] This commitment to serving the real estate industry has made AURA a preferred choice for many real estate professionals.
• Expansion of Services: Over time, AURA recognized the need for comprehensive insurance solutions beyond real estate. They strategically expanded their services to include umbrella/excess liability solutions for various industries, including hotels and other commercial properties. [3] This expansion broadened AURA's reach and allowed them to serve a wider client base while maintaining their focus on providing high-quality coverage.

Regulatory Compliance and Licenses

Details on Licenses and Certifications Obtained

AURA operates under the necessary insurance licenses required by the state of Florida, where its headquarters is located. [3] This compliance with state regulations ensures that AURA operates legally and adheres to industry standards. However, specific details on the licenses and certifications obtained are not publicly available. This lack of transparency might raise concerns for some potential clients who value readily accessible information about a company's regulatory standing.

Insurance Products and Services

Main Insurance Products

Types of Insurance Offered

AURA specializes in providing customized insurance solutions for specific industry needs. Their core offerings include:

• Real Estate Umbrella Program: AURA's flagship product, the Real Estate Umbrella Program, offers comprehensive coverage for commercial and habitational real estate and hotels. This program caters to a diverse range of real estate segments, offering high limits ranging from $5 million to $75 million. [3] These high limits provide substantial financial protection for clients against potential risks and liabilities. The company's dedication to this program is evident in its focus on providing competitive pricing and coverage terms, making it a highly attractive option for real estate professionals.
• Excess Liability Solutions: Recognizing that insurance needs extend beyond real estate, AURA offers umbrella/excess liability solutions for various industries. This expansion into other sectors demonstrates AURA's ability to adapt and cater to a wider range of clients' insurance requirements. [3] The company's expertise in providing comprehensive excess liability coverage makes it a valuable partner for businesses seeking to protect their assets and mitigate financial risks.

Coverage Options and Policy Details

AURA's approach to insurance goes beyond simply providing coverage. They aim to deliver comprehensive solutions that provide peace of mind for their clients.

• Program Administration: AURA functions as a program administrator, collaborating with leading insurance carriers worldwide to provide comprehensive and competitive coverage solutions. [3] This partnership model allows AURA to leverage the expertise and resources of top-tier carriers while maintaining its commitment to delivering customized and cost-effective solutions. This strategic approach ensures that clients benefit from a wide range of coverage options and competitive rates.
• Customized Solutions: AURA understands that each client's insurance needs are unique. They offer customized solutions that help protect clients' assets with high-limit coverage options tailored to specific industry needs. [3] This personalized approach sets AURA apart by ensuring that clients receive the most relevant and effective coverage for their particular circumstances. The company's ability to adapt to diverse industries and tailor policies to meet specific requirements is a key advantage for clients seeking customized insurance solutions.

Additional Services

Other Services Provided

AURA recognizes that insurance goes beyond simply providing a policy. They provide additional services to ensure a smooth and positive experience for their clients.

• Claims Assistance: AURA's commitment to client satisfaction extends to the claims process. They provide claims assistance to ensure a smooth and efficient experience, leveraging their extensive experience in handling complex excess liability exposures. [3] This proactive approach ensures that clients receive the necessary support and guidance throughout the claims process, minimizing stress and delays. AURA's expertise in handling complex claims situations is a valuable asset for clients who require specialized assistance.
• Carrier Underwriting Support: AURA works closely with carrier underwriters to ensure a seamless and efficient process. They provide creative solutions that go beyond traditional approaches, offering a distinct advantage for clients seeking innovative solutions. [3] This collaborative approach ensures that clients benefit from the expertise of both AURA and its carrier partners, resulting in efficient and effective underwriting processes. AURA's ability to provide creative solutions sets them apart as a forward-thinking insurance provider.

Premiums and Pricing

Pricing Structure

Overview of Premium Rates for Different Types of Insurance

While specific premium rates for different types of insurance offered by AURA are not publicly disclosed, [3] the company's focus on providing competitive pricing through its high-limit real estate risk purchasing group programs suggests an emphasis on affordability. [3] This lack of transparency in pricing could be a drawback for some clients who prefer readily accessible information on rates.

Comparative Analysis with Industry Averages

There is no publicly available comparative analysis of AURA's premium rates with industry averages. [3] This lack of readily available comparisons makes it challenging for potential clients to assess AURA's pricing competitiveness. While AURA's focus on offering competitive solutions suggests an attempt to be competitive in the market, the absence of publicly available data makes it difficult to determine their pricing position relative to their peers.

Discounts and Special Offers

Available Discounts

While specific discounts offered by AURA are not detailed, many insurance companies provide multi-policy discounts. [3] It is reasonable to assume that AURA might offer similar discounts to clients who purchase multiple insurance products from them, potentially providing cost savings for those seeking comprehensive coverage. However, the lack of publicly available information on specific discounts could be a drawback for clients seeking clear and transparent pricing information.

Promotional Deals and Limited-Time Offers

There is no information available on any promotional deals or limited-time offers provided by AURA. [3] This lack of promotional activity might be a missed opportunity to attract new clients and incentivize existing customers to expand their coverage. AURA could benefit from implementing promotional strategies to increase visibility and drive sales.

Customer Service and Support

Contact Methods

Available Customer Service Channels

AURA likely offers standard customer service channels such as phone, email, and possibly live chat. However, specific details on these channels are not provided. [3] The absence of publicly available contact information could make it challenging for potential clients to reach AURA for inquiries or support. Clear and accessible contact information is crucial for providing a positive customer experience.

Availability of 24/7 Support and Multilingual Assistance

The availability of 24/7 support is not explicitly stated. [3] However, given the nature of the insurance industry, it is reasonable to assume that some level of around-the-clock support might be available, particularly for urgent claims or inquiries. However, the lack of clear information on 24/7 support availability could leave some clients uncertain about access to immediate assistance. Transparency in support availability is essential for building customer confidence.

There is no information available regarding multilingual assistance. [3] The lack of multilingual support could limit AURA's reach and accessibility to clients who speak languages other than English. In an increasingly globalized market, providing multilingual support is crucial for expanding customer reach and catering to a diverse clientele.

Pros and Cons of AURA Insurance

Pros

Advantages of Choosing This Insurance Company

• Comprehensive Coverage: AURA's comprehensive coverage solutions tailored to specific industry needs make it a strong option for those seeking high-limit real estate risk purchasing group programs. [3] Their dedication to providing customized solutions ensures that clients receive the appropriate protection for their unique circumstances.
• Competitive Pricing: AURA is known for providing competitive pricing through its customized solutions. [3] This focus on affordability makes AURA an attractive option for businesses seeking cost-effective insurance solutions without compromising on coverage quality.

Cons

Potential Drawbacks or Areas for Improvement

• Limited Public Information: The lack of readily available information about AURA's operations, licenses, and pricing could make it challenging for some clients to fully understand the company's offerings and services. [3] This lack of transparency might create uncertainty for clients who value readily accessible information.
• No Publicly Disclosed Premium Rates: Specific premium rates for different types of insurance offered by AURA are not publicly disclosed. [3] This lack of transparency could be a drawback for potential clients seeking clear and transparent pricing information.

Conclusion

Summary of the Main Points Covered in the Review

AURA Insurance presents itself as a program administrator specializing in real estate umbrellas and excess liability solutions. [3] The company's dedication to providing comprehensive coverage, competitive pricing, and claims assistance makes it a strong contender for businesses seeking insurance solutions in these sectors. However, the limited public information available about AURA, including pricing details and specific licenses and certifications, could be a barrier for some clients seeking transparency and readily accessible information. Despite these limitations, AURA's commitment to serving the real estate industry and its focus on providing customized solutions make it a worthwhile consideration for those seeking robust insurance coverage in these areas.

Frequently Asked Questions about AURA Insurance

Answers to Common Questions about the Company’s Policies, Claims Process, and More

This FAQ section addresses common questions regarding AURA Insurance's policies, claims process, and other relevant inquiries.

• Q: What types of insurance does AURA offer?

  A: AURA specializes in umbrellas for commercial and habitational real estate and hotels, offering limits from $5 million to $75 million. [3] Their core product, the Real Estate Umbrella Program, provides comprehensive coverage for a wide range of real estate segments, including commercial, residential, and hospitality properties.

• Q: How does AURA handle claims?

  A: AURA provides claims assistance to ensure a smooth process for its clients, leveraging its extensive experience in handling complex excess liability exposures. [3] Their focus on claims assistance ensures that clients receive the necessary support and guidance throughout the claims process, minimizing stress and delays.

• Q: Is AURA licensed and certified?

  A: While specific details on licenses and certifications obtained by AURA are not publicly available, it operates under the necessary insurance licenses required by the state of Florida. [3] This compliance with state regulations suggests that AURA operates legally and adheres to industry standards. However, the lack of readily available information on licenses and certifications could raise concerns for some clients who value transparency and accessible information.

References

• [1] https://www.apollo.io/companies/American-Union-Risk-Associates--LLC--AURA-/1004a12a2169702d9313010602
• [2] https://powrbot.com/companies/profile/american-union-risk-associates-llc-aura/
• [3] https://www.aurains.com/about