Markets

To mitigate the risk of an errors & omissions claim, insurance professionals need to approach offering umbrella coverage with diligence and consistency.

Volatility is making it harder for agents to find coverage for their customers, whose demand has increased as awareness of large jury verdicts grows.

Over the past couple of years, awareness of an increasingly litigious environment has been a key factor leading to increased demand for personal umbrella coverage. However, significant growth has been stymied by premium increases and reductions in coverages and capacity—hallmarks of the hard market—leading to upheaval in the personal umbrella market. “The personal umbrella insurance market has…

As automotive claim severity increases for bodily injury, property damage and collision, clients should consider protecting themselves with uninsured or underinsured motorist umbrella coverage.

The harsh reality of unprecedented losses and unprofitability in homeowners and auto insurance means the extra protection provided by personal umbrella coverage is growing more and more necessary.

The recent trend of rising liability injury claims for home and auto owners that exceed traditional policy limits has moved Mercury to unveil an all-new personal umbrella insurance policy.

“I envision consumers will continue to realize the importance of an umbrella policy,” says independent agent Taylor Justice. “I have personally seen a large increase in young individuals wanting to protect themselves with a personal umbrella policy after

Independent agent Priya Arora finds that many of her clients think they don’t need the added protection that a personal umbrella provides. “They don’t like to think about lawsuits, but they need to be educated about the risk,” she says.

Independent agent Laurie Noel always offers personal umbrella coverage because “underlying policy limits are not always enough,” she says. “With the increasingly litigious society we’re all living in, personal umbrella has become more important than ever

Before moving into insurance, Jeffrey W. Howard was an accountant. “In the public accounting world, you find a lot of issues with a company, but because of your required independence, you’re not allowed to consult and help fix that. That really irked me,