Posted in Uncategorized, tagged ace, ace private risk services, chartis, chubb, CNA, coverage enhancements, fireman's fund, high limit personal excess liability, insurance carriers, large insurance carriers, More coverage at a lower cost, personal insurance, personal risk management, private risk advisor, umbrella coverage, underwriters on May 25, 2010 |
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I cringe each time I see major insurance carriers advertising their coverage using “save ___% in __ minutes” or “name your own price” deceptive sales pitches. Most sophisticated consumers understand that in order to significantly lower insurance costs, certain sacrifices in protection (known or unknown) lurk somewhere in the fine print.
Meanwhile —- there IS a way to purchase high limit personal excess liability (often referred to as “umbrella” coverage) at costs between 30 and 50% below the prevailing market costs. Often, coverage enhancements can be included that even expand the protection normally available with such policies. More coverage at a lower cost —– but how?
As always, there is a “catch”: more protection for less money can be arranged only when carriers are presented with a large enough group of applicants who comprise an eligible “Group”. “Group Personal Excess Liability” (GPEL) is a concept that has been around for decades, and is regarded as a valuable voluntary benefit at many large corporations.
The leading underwriters for this product are Chubb, CNA, Chartis, Fireman’s Fund and Ace. The differences in eligibility, costs, and coverage features offered by each carrier are subtle, yet important. Generally, the program is most successful in a workplace with a group of 10 or more participants seeking liability limits of $5 million or more. For larger groups, the coverage enhancements, ease of enrollment and cost discounts can become very meaningful. I’d be happy to have a conversation to help you examine whether this program can benefit you and others you know, or clients you advise.
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Posted in Caveat Emptor, tagged casualty loss, liability loss, loss, personal insurance, personal property loss, personal risk management, proper insurance planning, reasons for P&C loss, uncovered loss, uncovered personal property on October 30, 2009 |
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With alarming frequency, the media reports heart wrenching stories of insurance consumers who have had a significant property or liability loss, only to learn after the loss that the insurance policy they have purchased does not provide the proper coverage.
While the reasons for an uncovered loss vary, I provide this one page overview that details the three leading causes for uncovered personal property and casualty losses, and the solutions that are available to help prevent them. Why not help those you know to examine these solutions —- before a loss occurs.
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