Tag

umbrella insurance

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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umbrella
Hospitality & Restaurants, Risk Insight

4 Lawsuits You Don’t Want at Your Hotel

A man walks into a Vegas hotel room. Sees a silhouette of a person in his darkened room. In a panic, he scrambles away, causing injuries to his body and mind. Bam. Lawsuit. The twist?

The “person” he saw was a mannequin, part of room decorations in a Planet Hollywood casino-hotel with 2,500 rooms. Here’s where umbrella coverage comes in to cover expenses above and beyond standard insurance limits for liability claims.

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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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Pool Safety
Real Estate, Hospitality & Restaurants, Community Associations, Risk Insight

Pool Safety: Pool Drownings Can Happen in A Flash

More than 3,500 people – many of them children – drown each year in the U.S. and many more suffer serious, irreversible injury in near-drowning incidents, according to the Centers for Disease Control and Prevention (CDC). Furthermore, for every fatal drowning incident involving a child 14 years old or younger, three children require emergency room treatment for submersion injuries and 40% of those require hospitalization, says the CDC. Non-fatal incidents can cause brain damage that results in long-term disabilities ranging from memory problems to the victim being left in a vegetative state.

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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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Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight

How to Help Customers Understand the Importance of Umbrella Coverage

Here at Distinguished a lot of our customers question why umbrella coverage is necessary, especially for entities like condominium associations that aren’t perceived to be high risk. Most feel confident that they won’t experience severe losses, and consequently that they don’t need to spend money they may not have in order to purchase an umbrella policy. It’s a valid point. If you haven’t gone through a horrific claim experience (and we hope you never will), it’s hard to imagine the impact from an emotional perspective, much less financial.

Nevertheless, tragedy can strike despite the most careful attention to loss prevention. And when you, your association, or family are involved in one of these tragedies, the last thing you want to be worried about is your insurance.

So, the best way we can answer the question of why umbrella coverage is necessary is to tell stories. Stories about everyday folks who, despite their best intentions, found themselves in the middle of horrible claim situations.

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