A 2010 study conducted by USAA shows that 85%of recent umbrella claims are the result of routine auto-related accidents, including failure to yield (52%), lost control (14%) and rear-enders (11%). As your customers what would happen if they veer into another lane on the highway, causing a multiple car pileup with damages that surpass their auto limits? For instance, suppose they are found liable for $150,000 in property damages and another $500,000 in bodily injury damages? In all probability, their auto liability limits won't be nearly enough to cover the exposure. However, if they have a $1 million umbrella policy, they would be able to compensate all the other drivers and injured parties without draining their own assets, which in some cases could include retirement accounts.
You have access to an A+ rated personal umbrella market. For more than 25 years, RLI has been the primary market for members who need access to a stand-alone personal umbrella market. RLI has proven to be a strong and, above all, stable market with unmatched financial strength in the marketplace, and RLI is the recommended preferred market for Big I members. Last year RLI introduced PUP Special that expanded its underwriting appetite and it has added UM/UIM in many states.
Preferred Market - RLI Personal Umbrella
- Limits up to $5 million available
- You can keep your current homeowner/auto insurer
- New drivers accepted - no age limit on drivers
- Up to one DWI/DUI per household allowed
- Auto limits as low as 100/300/50 in certain cases
- Competitive, low premiums for increased limits of liability
- Simple, self-underwriting application that lets you know immediately if the insured is accepted
- E-signature and credit card payment options
- Immediate coverage available in all 50 states plus D.C.
And for risks that do not qualify for RLI, you have access to an alternative umbrella market that can cover a wide variety of hard to place risks including high profile personalities such as politicians.
For information on how to access the RLI preferred umbrella, go to Big "I" Markets (select Personal Umbrella Preferred Market). You can submit RLI applications via Big "I" Markets in the states of AK, AZ, CA, DC, FL, GA, LA, MA, ME, MN, MO, MT, ND, NH, NV, NY, RI, SC, SD, TN, UT, VT, WV and WY. You can also submit RLI applications directly to your state administrator. For more information about both the preferred and alternative markets, including a webinar about RLI PUP Special, go to www.iiaba.net/umbrella.