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.
Personal Umbrella
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?
Will a PUP Cover a Business Owner’s Liability When BAP Limits Are Exhausted?
In an incident when operating a business-owned and insured vehicle, there was personal liability once the business auto policy paid the full limit.
Spring Clean: How Long Should You Retain Documents in Your AMS?
Differences between federal and state record retention rules as well as those included in carrier contracts may lead to uncertainty.
Do Commercial Umbrella Aggregate Limits Apply to an Underlying Policy Without an Aggregate?
If an insured has a $1-million, combined single limit (CSL) on an auto policy and they exhaust the auto CSL and the umbrella limits, would the limit for the umbrella be reset for any other loss?
Sales, Service and Satisfaction Under a Personal Umbrella
Knowing how a personal umbrella policy fits into your client’s lifestyle is key to understanding why you should offer one. Here are four ways agents can help ensure clients are covered with a personal umbrella policy.
From the Front Lines: Personal Umbrella
“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
How Societal Changes Are Stirring Up the Personal Umbrella Market
Umbrella coverage offers additional protection for those who want increased limits or to fill insurance gaps. The pandemic has accentuated certain trends leading to increased claims and a hardening of rates.
