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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.
The habitational insurance market is facing a multitude of hurdles when it comes to casualty placements. Casualty markets in the habitational space have been adjusting prices due to increased loss activity and the continued impact of social inflation. Within this landscape, property owners, insurance companies, and brokers are confronted with a new reality. There are few markets offering General Liability (GL) coverage. It’s also difficult to find markets willing to participate in the lead $5M of excess coverage, making the marketplace even more challenging. To succeed in this demanding market, one must strike a careful balance between innovation, robust risk assessment, and adaptability.
Senior living facilities remain under pressure from rising costs and staff shortages. Some are looking to reduce expenses through alternative liability insurance. New market entrants may offer lower prices, but is a new carrier the right solution over the long-term?
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.
Request a Risk Assessment today!
