Group Personal Umbrella products are designed for purchase by members of firms or associations who are concerned about protecting themselves against the financial impact of an uninsured loss or unfunded liability judgment.
These products are extremely popular with associations and their members. In fact, some association umbrella programs have annual premiums well in excess of $10M annually. And, some large employer umbrella programs have premiums that are well in excess of $1M annually. These programs are a wonderful member (or employee) benefit – since most applicants understand the need to purchase excess coverage to protect their personal assets.
The group delivery method enables us to provide an umbrella that has broader coverage at a lower rate than the product currently offered by standard personal lines carriers.
In addition, the paperwork involved with our product is minimized as well. (In fact, our application is only 5 questions long.) This is because the law of large numbers enables our carrier partner to underwrite the group as a whole, rather than scrutinize individual applications. Finally, we offer an Internet-based delivery system that is customized for each group – thus the applicant visits the website to complete all paperwork.
Here’s a snapshot of our offering:
- We currently administer Group Personal Umbrella programs for national associations – including one for the American Bar Insurance Plans Consultants. We also work with sub-producing agents to bring the program to their association clients.
- Policy provides $1M of Uninsured/Underinsured Motorist coverage standard
- Exclusive group pricing
- Coverage backed by our exclusive carrier partner – an “A” rated, billion-dollar insurer.
- We negotiated the lowest participation rate of any group personal umbrella product in the market.
- Simplified underwriting process (via the online group application).
For more information, please call Bill Cleave today at (609) 818-9534.