Help Clients Understand the Importance of an Umbrella in a Turbulent Market
Volatility is making it harder for agents to find coverage for their customers, whose demand has increased as awareness of large jury verdicts grows.
Personal Lines
Review Your Agency Processes to Avoid Personal Umbrella E&O Claims
Regular attention must be paid to keeping underlying coverages in place without any gaps, offering higher umbrella limits and recommending uninsured motorist/underinsured motorist coverage.
The Changing Face of Personal Umbrella Purchasing Profiles
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…
Why You Should Offer Excess UM/UIM Coverage to Personal Auto Clients
As automotive claim severity increases for bodily injury, property damage and collision, clients should consider protecting themselves with uninsured or underinsured motorist umbrella coverage.
Personal Umbrella: A Look at the Volatile and Growing Market
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.
Mercury Unveils All-New Personal Umbrella Policy
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.
Dog-Related Claims Cost $1 Billion in 2022
Over the past 10 years, the average cost per dog-related claim has risen 131.7% across the U.S., an increase attributable to increased medical costs, as well as social inflation.
Umbrella and Excess Market Update: Reinsurance, Large Settlements Driving Up Cost
Carriers are targeting rate increases of 8% or so on their books, with most of the increase needing to come in the lead layer.
Court Reverses Geico Order to Pay $5.2 Million to Passenger Who Caught STD in Car
The Missouri Supreme Court ruled that, because the insurer was not given the opportunity to intervene in the case before judgement was entered, the earlier court ruling should be vacated.
Should the Personal Umbrella Effective Date Match the Underlying Policy?
Is it best practice to ensure that the personal umbrella policy effective date aligns with the date on the homeowners policy, personal auto policy or any other underlying coverage?
