NJ Manufacturers Mutual Insurance Company (NJM)

 

New Jersey Manufacturers Insurance (NJM) is celebrating its centennial on June 7th. Several major policy holders and public officials are expected to attend. The company recently opened a museum, which showcases artifacts from its history. The museum features many historic photographs, documents created by the company’s founders, old telephones, and even the president’s desk. This article will provide investors with some insight into NJM’s history and dividend history.
New Jersey Manufacturers Insurance

A manufacturer’s insurance company, NJM sells property and casualty insurance to members of the state’s business and industry association. The company also sells policies to individuals, and its members are eligible for a number of discounts. While NJM does not sell unique coverages, its policyholders enjoy a high level of customer service, and the company has a long history of completing claims promptly. Its auto insurance policies are among the most comprehensive on the market, and customers have high satisfaction ratings with the company.

While New Jersey Manufacturers Insurance Company is a smaller insurance company with operations in only a few states, its customer satisfaction rating is excellent. GEICO is the second largest car insurance company in the nation, and has a national presence. While NMJI provides excellent service to its customers, GEICO offers a more complete selection of discounts. Both companies have well-made websites and reliable customer service agents. For more information about the advantages and disadvantages of both, you can visit the website of each company.

NJM’s online system offers an easy and convenient way to make payments. You can pay in full online, enroll in automatic bill pay, and make one-time payments without logging into an account. You can also choose to enroll in a roadside assistance program, which costs $75 or $125 for each emergency. You do not have to worry about a deductible, and NJM also provides roadside assistance. Whether you’re stuck in a traffic jam or need to repair your car, NJM can help.

NJM is celebrating its centennial anniversary on June 7 and has planned a V.I.P. reception that will be attended by public officials and major policy holders. A museum on the company’s campus opened in January, showcasing artifacts from the company’s past. There are many photographs, old telephones, and a former company president’s desk among other items. With all this going on, NJM is well worth a look.
Its policyholders

The New Jersey Legislature passed a bill in January that will improve bad faith insurance lawsuits in the state. Senate Bill 1559, known as the “New Jersey Insurance Fair Conduct Act,” creates an individual cause of action for insurance companies that fail to follow the law. Among other things, the bill addresses how insurance companies handle UM/UIM claims. If passed into law, the bill will take effect in 2022.

One piece of good news for New Jersey policyholders is that the state may soon make it easier to file claims against insurance carriers for delaying or cancelling their policies. The state’s Assembly Financial Institutions and Insurance Committee recently advanced a bill that would give policyholders in New Jersey the right to sue insurance companies for unreasonable denial of claims. The bill also provides that plaintiffs do not need to show that the insurance carrier engaged in delays as part of its normal business practices.
Its competitors

New Jersey Manufacturers is a local insurer founded by the New Jersey Business & Industry Association in 1913. The company was created exclusively for its policyholders and began returning dividends to its policyholders in 1918. Today, NJ Manufacturers is the largest personal auto insurer in New Jersey and one of the major carriers of homeowners and business coverage. In addition to its insurance services, NJM Bank offers banking services to NJM policyholders.

NJM employs more than 300 people at its Hammonton facility and expects to add another 30 by early next year. The company’s headquarters is located near the Atlantic City Expressway, in a 147,000-square-foot facility. The company’s expansion into three other states coincided with the launch of its first coordinated marketing campaign. The company also renamed itself from the venerable New Jersey Motor Manufacturing to reflect its modern image and name.
Its dividends

The New Jersey Manufacturers Insurance Company (NJMIC) pays special dividends to its policyholders. NJMIC is the largest auto insurer in the state. This special dividend amounts to 7.5 percent of the premiums paid by policyholders and will be paid through mid-December. The company began paying dividends in 1918 and has continued to do so. The payouts are not guaranteed, and not all policies pay dividends.
Its employees

New Jersey is home to thousands of manufacturing companies that directly employ nearly 250,000 people. These companies contribute nearly 90 percent of the state’s GDP and produce close to ninety percent of its exports. In fact, the state’s manufacturing industry is so important that it has become one of the state’s most important industries. And although many manufacturing companies in the state are small and have fewer than 34 employees, the number of employees they employ does not reflect their size.

NJM began treating injured workers in industrial centers in 1921, though they were eventually sold when the industrial environment changed. Although the focus of its operations shifted from manufacturing to consumer goods, the company maintained its medical care programs and distributed 20 percent of the state’s workmen’s compensation premiums. After the Great Depression, NJM expanded its operations and relocated to 363 West State Street. In 1961, the company opened its first North New Jersey branch office in East Orange.