WAUSAU, Wis--Midsized companies now have better access to expanded umbrella capacity since Wausau Insurance is more than doubling its in-house individual account coverage limits up to $25 million --the amount typically sought for such programs.
This new Wausau middle-market feature leverages an umbrella program
offered by the large account division of Wausau's parent company, the Liberty
Mutual Group.
"The obstacles to building lead excess umbrella programs just got a little
easier for middle-market risk managers and producers to overcome," said Joe
Gilles, Wausau president and COO. "We're now providing capacity most buyers
need through just one submission, plus we're solving two key challenges facing
buyers today: the limited number of financially strong insurers willing to
write large lead excess programs; and the trend of umbrella providers to
demand buyers obtain higher primary auto coverage."
Gilles said Wausau's expanded umbrella limits will make it easier for
buyers to achieve the benefits of streamlined negotiation and simplified
program management that come from placing their large lead excess with a
single insurer. Why? Because increasing lead limits lets Wausau offer buyers a
full range of risk solutions: from effective primary insurance programs, to
$10 million in lead umbrella coverage, all the way through $15 million in
excess cover above the lead -- a total of $25 million from a "A" rated
insurer. Although these limits are becoming more available in the market,
obtaining them often requires submissions to multiple carriers.
Beyond greater capacity, risk managers and producers also can now tailor
the commercial auto and general liability portion of the excess umbrella to
their specific needs.
Poor loss trends in commercial auto and general liability insurance often
create an unpleasant surprise for risk managers and producers at renewal: many
excess providers insist policyholders double or triple their level of primary
auto and general liability coverage.
"Unlike the current trend, we now give risk managers some options for
protecting their companies," said Jean Fredrickson, Wausau's assistant vice
president for underwriting. "While other insurers require higher primary
policy coverage limits to write the excess, we do not. Instead, we'll work
with a buyer to identify and provide the best mix of primary and excess
coverage."
