• Home
• News
• Product Lines
  • Overview
  • Directors & Officers
  • Umbrella
  • Crime
  • Workers' Compensation
  • Errors & Omissions
• Applications
  • Overview
  • Directors & Officers
    • D&O Application - Nationwide
    • D&O Application - NY
    • D&O Renewal Application - Nationwide
    • D&O Renewal Application - NY
    • D&O Supplemental Information Form
  • Umbrella
  • Crime
    • Crime PLUS+ Ins. - Nationwide
    • Crime PLUS+ Ins. - FL
  • Errors & Omissions
    • E&O New Business
    • E&O Renewals
  • Workers' Compensation
  • Online Applications
• Producer Agreement
• Specimen Policies
• Contacts
  • Overview
  • Directors & Officers
    • Los Angeles Office
    • Florida Office
  • Umbrella
  • Crime
    • Los Angeles Office
    • Florida Office
  • Errors & Omissions
  • Workers' Compensation
  • Accounting
  • Corporate Office
• Claims
• Privacy Policy
• Terms of Use
• Email Newsletters

News

Umbrella Liability Program Update - January 2004

February 4, 2004

We wish to extend our gratitude to you our Agents for the continued support you have given us over the past several years. We had a great 2003 and we look forward to servicing your needs in 2004. We want to take this opportunity to communicate the changes that you will be seeing in our program in 2004.

As you know the reinsurance costs continue to escalate in the liability market. As a result, in order to offset the reinsurance costs, we are forced to increase our umbrella premiums for each of the programs offered through Zurich.

As a result of the increase, we understand that not all of your clients may want to continue to purchase the current limits of $15, $25, or $50 million limit. We are pleased to offer you a $5 and $10 million dollar option. We believe that these new alternate limits will help us retain our mutual clients, and open up to new opportunities to a market we may not be currently capturing.

Due to all of these changes, the carrier will be sending "Conditional Renewals" out to all of your clients. These renewal notices will notify the insured's and the producers that we are willing to offer renewal terms and about the increased costs that are associated with the renewal. Unfortunately, this is a necessary step. As a recap, the following information is critical to issue a policy.

1. In order to bind any new business account, we require:
1. The current application completed and signed.
2. A signed membership agreement.
3. Underlying information.
4. 3 year hard copy loss runs.
2. Notices of non-renewal will be sent on all accounts in excess of $25,000,000. We are in a position to offer limits up to $50,000,000.


3. In order to renew we will require updated underlying information, completed renewal questionnaire and updated loss information.

Once again, we would like to thank you for your support, and look forward to working with you in 2004.