The Commercial Insurance market is constantly changing, and our goal at The Driscoll Agency is to continue to keep you informed and up to date as we become aware of activity that will affect your business. January 1st is a very busy commercial renewal date. We are seeing a market firming as regards to Commercial Umbrella Liability programs.
Carriers are reducing their appetite for higher limits as well as increasing their premiums. It is not uncommon to see limits being cut in half while premium remains at the expiring or higher level. We have witnessed this trend in our recent 2019 Q3 & Q4 renewals. Recently, we had a Construction Account with an expiring $20M Umbrella priced at $133,000.; at renewal we were offered a limit of $15M with a price tag of $138,000.
Umbrella carriers are citing claim severity and the increase in jury trial awards as the reason for this trend. Attorneys are taking more cases to trial which is resulting in multi-million dollar judgments driven by sympathetic juries.
The Driscoll Agency will continue to work diligently to secure the best options available. If you desire further discussion or review, please contact your Account Manager to discuss how the changes in today's commercial Umbrella market affect your insurance renewal program.