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umbrella liability coverage

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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Construction insurance
Historic Properties, Real Estate, Market Insights, Risk Insight

Construction Insurance in Today’s Growing Market

If you build it, they will come—but don’t forget about adequate liability coverage for new construction! As the construction sector keeps pace with the general real estate market, Distinguished’s senior vice president and program executive, Michael Thabet, weighs in on currents facets of the construction industry and what that means for today’s carriers and insureds. Thabet discusses the importance of having the right type of coverage for different building projects and how newly emerging claims are changing the landscape of this sector. Dive right in and share this Rough Notes article.

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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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