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For two hundred years, the modus operandi of the insurance industry has been to follow the status quo. Today, protecting and growing your business demands a new perspective. It is time for a different way of looking at risk.
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Koru offers peace of mind by building and managing efficient risk management solutions that align with our clients’ business objectives.
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Umbrella and excess liability insurance are types of supplemental coverage that provide additional protection to individuals and businesses beyond the limits of their primary insurance policies, such as auto, home, or general liability insurance.
Additional Considerations
Coverage Extension: Umbrella liability insurance is designed to extend the liability coverage of your underlying insurance policies. It acts as a protective "umbrella" that goes beyond the limits of your primary policies.
Comprehensive Protection: It provides coverage for various liability risks, including personal injury, property damage, libel, slander, and even certain lawsuits that may not be covered by your primary policies.
High Coverage Limits: Umbrella policies typically offer high coverage limits, often starting at $1 million and going up from there. This extra coverage can be crucial in situations where a large liability claim exceeds the limits of your underlying policies.
Cost-Effective: Umbrella insurance is generally cost-effective when compared to the additional coverage it provides. Premiums are relatively low for the amount of protection offered.
Broad Applicability: It can apply to multiple underlying policies, such as auto, home, boat, and recreational vehicle insurance, consolidating your liability coverage under a single policy.
Mitigation Considerations
Umbrella and excess liability insurance are valuable additions to your insurance portfolio, providing increased protection against liability risks. Umbrella insurance offers broader coverage with higher limits and can apply to multiple underlying policies, while excess liability insurance specifically extends the limits of a single primary policy. Both types of coverage offer crucial financial protection in the event of large liability claims or lawsuits.
The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients.
AM Best recently shifted its outlook on the global reinsurance market to positive for the first time in history, reflecting improved market conditions and potential profitability. The last significant change was in 2018 when the outlook was upgraded to stable, with no record of a previous positive outlook. This notable change, coinciding with AM Best's 125th anniversary, highlights the enhanced return potential driven by higher pricing and stricter coverage terms in the reinsurance sector, benefiting both traditional reinsurance and insurance-linked securities (ILS) markets.
Artemis Update: AM Best has upgraded its outlook on the global reinsurance sector from stable to positive for the first time in over a decade, highlighting robust profit margins and improved underwriting conditions. The rating agency now views insurance-linked securities (ILS) as strategic partners rather than competitors, emphasizing their role in supporting traditional reinsurers. Despite a deceleration in reinsurance pricing, AM Best notes that underwriting discipline and healthy profit margins are expected to be maintained.
Exciting news in the world of finance and risk management! May is set to break records as the biggest month of catastrophe bond issuance ever. According to a recent article from Artemis, the market is experiencing unprecedented growth, highlighting the increasing demand for innovative risk transfer solutions.
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