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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.
For real estate and property management clients, balancing the cost-saving benefits of higher insurance deductibles with lender requirements can be challenging. Strategies such as deductible buy down policies, indemnity agreements, and reimbursement policies help insureds reduce premiums while meeting lender expectations. Additionally, effective collateral management, including alternatives like letters of credit and third-party trust arrangements, is critical for clients navigating the increasing costs and evolving requirements of loss-sensitive insurance programs.
Catastrophe bonds issued over 2023 averaged a premium of 8.6%, the highest in ten years, according to data from global reinsurance consultancy Lane Financial. Coming on top of US cash rates of more than 5% made for a nearly 14% yield. That compares to issue yields in 2021 of barely 6%.
The California FAIR Plan provides essential property insurance for high-risk areas, offering basic coverage against perils like fire and wind when traditional insurance options are unavailable. However, this limited coverage does not usually meet lender requirements, as it excludes important protections like liability, theft, and water damage. To meet lender standards and achieve comprehensive protection, homeowners using the FAIR Plan often need to add a supplemental policy, such as a Difference in Conditions (DIC) policy, to fill these gaps.
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