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excess insurance

Hard Market for Umbrella Insurance Market
Market Insights

Umbrella Liability Insurance Hard Market Persists

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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umbrella insurance market
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Restaurants

Navigating Today’s 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, however, these changes have become even more pronounced. Here we take a more detailed look at the firming market and how COVID-19 has impacted certain industry sectors. We also provide you with advice on how to manage client expectations and navigate the disruptive Excess/Umbrella insurance market.

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liability verdict
Hospitality & Restaurants, Risk Insight

$160+M Vegas Hotel Nightclub Liability Verdict Shows How High the Stakes Are

When New York City billion-dollar hedge fund manager David Moradi decided to hang at The Cosmopolitan’s Marquee nightclub, he didn’t expect to end up suffering a traumatic brain injury. This is exactly what happened when an issue occurred over a $10,000 bill David racked up at the nightclub. According to his claim, the Marquee security “assaulted, battered and falsely imprisoned him” while they demanded his ID and credit card to confirm his signature on the paid bill.

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large claims losses
Real Estate, Hospitality & Restaurants, Community Associations, Risk Insight

The Skinny on Having Higher Umbrella/Excess Liability Limits

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 of $799 billion. The community associations and the real estate sector are huge markets as well. Each of these niche markets require a total insurance solution to protect against an extensive list of exposures, including the potential for large claims losses, underscored by the examples of top verdicts provided by the National Law Journal.

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