umbrella insurance for Lloyd as underwriter

4 Replies

Hi all,

I have a few properties insured at NREIG using Lloyd as underwriter, as well as a few with Travellers and 1 with Safeco. I would like to get an umbrella policy for all or most of these properties, I spoke to an agent previously and he said that his brokerage cannot qualify insurance underwritten with Lloyd. Can anyone else please help me get an umbrella insurance?

I'm not an insurance broker, but figured I can share what I've dealt with in the past.  When putting properties into a policy, you will generally want them all within the same company.  I could be wrong here, but the umbrella has only been possible for me when I have personal policies and all my policies under one roof.  That umbrella is personal protection for me.  For the properties, it sounds like you have business insurance for those, and a good business policy should be all you need here.

Try working with a good Insurance Broker.  They will be able to help you navigate much better and put properties into proper policies and with good performing companies at competitive rates.  Also, treat a broker like a contractor.  Sometimes brokers have different companies they work with and can compete differently on rates and coverages.  I currently have properties under Berkshire and American Family and my personal stuff under another which has my personal umbrella.

I have insurance carriers that will write Property and General Liability coverage for multiple1-4 family properties on one policy. In addition they will invoice monthly for the properties you own each month so if you buy and sell you only pay for what you own each month.

Allen,

I checked guidelines on a couple specialty Umbrella markets.  If the NREIG policies are on Personal Insurance Forms (ie Dwelling/Fire policies) you may be able to get an umbrella through RLI Insurance.  There may also be Excess or Surplus Lines Carriers that will do it.  

Hi Allen - (Full disclosure - I work in NREIG's marketing department). Umbrella policies are often complex and misunderstood. Essentially, they are just a way to garner additional liability coverage above and beyond the limits of your underlying liability policy. In the case of your policies through NREIG, you likely have $1 million per occurrence/$2 million annual aggregate limits of liability per location. I certainly cannot speak to your policies through Travelers and Safeco. Umbrellas can have some challenging requirements in order to extend those limits across multiple policies – typically requiring all policies to be through the same carrier, and be the same type of policy (ex. personal and commercial cannot mix, and admitted carrier versus excess and surplus lines carrier often cannot mix). What is your goal in acquiring an umbrella? If you feel that your underlying limits are not sufficient, you might talk with your rep(s) about higher limits on your underlying. At NREIG, we do have $2 million per occurrence/$4 million annual aggregate limits per location available that could achieve your goal without the need for an umbrella. Just a consideration! Hope this helps.