Umbrella Liability Insurance Hard Market Persists

Hard Market for Umbrella Insurance Market

The most recent Commercial Lines Insurance Premium Survey (CLIPS) released by Willis indicates that nearly all coverage lines saw significant rate hikes in 2020 Q1, with Commercial Auto, Property, Umbrella Liability, and Directors and Officers (D&O) Liability insurance exceeding double-digit rate increases. Specialty line prices also increased considerably, including in the hospitality and habitational sectors.

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Navigating Today’s Umbrella Insurance Market

umbrella insurance market

In our previous article, we discussed what factors are driving rate increases, capacity restrictions, tighter underwriting, and program structure changes in the Excess Insurance market. It’s important to note that prior to the COVID-19 pandemic, carriers were already tightening underwriting in the Excess/Umbrella market, specifically in the hotel, restaurant, and habitational sectors. In recent months,…

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The Skinny on Having Higher Umbrella/Excess Liability Limits

large claims losses

The industry sectors we insure are big businesses in the U.S. For example, revenue in the hotel industry across more than 52,000 properties is estimated at $189-plus billion. This includes everything from limited service hotels to luxury full-service hotels and resorts. The restaurant industry boasts $1 million-plus locations representing 10% of the workforce with revenues…

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