Skip to main content
1.800.383.8283
Library
  • Industries
    • Construction
    • Education
    • Healthcare
    • Manufacturing
    • Moving & Storage
    • Municipal
    • Non-profit
    • Welding Supply & Gas Dist.
  • Events
  • About
    • History
    • News
    • Office Locations
    • Team
    • Culture
    • Contact
    • Careers at Horton Group
  • Services
  • Online Bill Pay
1.800.383.8283
Client Login
Search

Choose a login.

  • Client Logins
    • Business Insurance
    • Employee Benefits
    • Personal Insurance
  • Library
    • Benefits
    • Commercial
    • Personal
    • Safety
    • Thought Leadership
    • Wellness
Home
1.800.383.8283
  • Business Insurance
    • Management Liability Insurance Practice
  • Employee Benefits
  • Consulting Services
  • Personal Insurance
    • Has Your Homeowners Insurance Policy Canceled? | Get a Replacement Policy Today
  • Industries
    • Construction
    • Education
    • Healthcare
    • Manufacturing
    • Moving & Storage
    • Municipal
    • Non-profit
    • Welding Supply & Gas Dist.
  • Events
  • About
    • History
    • News
    • Office Locations
    • Team
    • Culture
    • Contact
    • Careers at Horton Group
  • Services
  • Online Bill Pay
  • Library
    • Benefits
    • Commercial
    • Personal
    • Safety
    • Thought Leadership
    • Wellness
      • Population Health Management
  • Client Logins
    • Business Insurance
    • Employee Benefits
    • Personal Insurance
Close Menu
  • Property & Casualty
  • Mergers & Acquisitions
  • Risk Transfer
  • Professional Liability
  • Claims
  • Cyber Liability Insurance
  • Automobile Liability
  • Captives & Alternative Risk
  • International
  • Surety Bond Services
  • Workers Compensation
  • Management Liability
  • ACA/DOL Compliance
  • Core & Voluntary Benefits
  • Executive Benefits
  • FSA / HSA
  • Group Medical
  • International Benefits
  • Private Exchange Technology
  • Retirement Services
  • Stop Loss
  • ThinkHR
  • Zenefits
  • Home Umbrella
  • Life & Health
  • Private Client
  • Speciality Recreation
  • Safety & Loss Control
  • TrustLayer
  • Wellness
‹ Back to Resources

The Sky Is Falling – Umbrella Premium Shock?

September 1, 2021 at 8:00 AM
Share

By William Cray

The CIAB (Council of Insurance Agents & Brokers) Commercial Property/Casualty Market Report for Q2 2021 showed that out of your standard insurance lines (Auto, Property, General Liability and Work Comp), Excess/Umbrella coverage is leading the way from a premium increase standpoint. This means that the umbrella line of your commercial insurance program is taking the biggest increases compared to other lines of coverage.

This news likely is not shocking for those of you making the insurance buying decision. Some of you have seen very large increases in your umbrella premiums over the last 12-24 months. 

The umbrella market has been heavily disrupted by large lawsuits hitting the insurance industry. The increases are particularly drastic if you’re in the transportation industry and/or your company has a large vehicle fleet. If you’ve experienced a large increase in your umbrella premium, let us know. There ARE other options! Don’t let your current broker tell you there is only one option out there, and you’re stuck taking increases on the chin. We are deploying different strategies when going to market to ensure we bring the best options the market has to offer. 

Underwriting capacity is another factor affecting the ability of agents to receive competitive umbrella options. An agent can help offset this aspect by bringing industry knowledge to the table and knowing the insurance carriers best suited to quote your unique risk profile. Additional factors include the amount of business an agent has with an underwriter and the relationship with that underwriter. As the underwriter’s capacity decreases, they need to prioritize which accounts to quote when they can’t get to them all. The underwriter’s trust in their insurance agents is critical in selecting their account load. Lastly, decreased capacity means you need to allow yourself plenty of time to get quotes at renewal – the earlier you can start, the better. 

All this to say, expect your umbrella premiums to continue to go up. Don’t wait until you find out what the increase is going to be – reach out to strategize with us today.


Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your needs.

Will Cray

Sales Executive, Risk Advisory Solutions
Welding & Gas Distributors Practice
Email / Bio / (262) 347-2646

 

Will Cray is a Vice President for Horton’s Risk Advisory Solutions Division. In this role, William is responsible for providing Horton clients with comprehensive, cost-effective and innovative solutions to meet their most complex, risk-related challenges and opportunities.

Footer: Call-To-Action

Contact the Horton Group today to discuss how you can achieve a higher level of performance.

Contact Us

Find Us

Horton Group
Corporate Headquarters / Orland Park, IL
(800) 383-8283

Bourbonnais, IL
Chicago, IL
Edina, MN
Estero, FL
Noblesville, IN
South Bend, IN
Sturgis, MI
Waukesha, WI 

  • About
  • News
  • Our Team
  • Career
  • Office Locations
  • Contact
  • Forms & Applications
  • Assurex Global
  • Awards
  • Privacy Policy
  • Transparency in Coverage

Join Our Mailing List!

Sign up to receive email notifications for upcoming events and important industry news.

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube
  • Instagram

Copyright Menu

  • Privacy Policy
  • Sitemap
  • Terms & Conditions
  • Ethics Reporting System
  • Compensation Disclosure
Copyright © 2022 The Horton Group