Traditionally, only property owners with a large portfolio or companies with high exposure to risk have purchased umbrella coverage. However, that trend has changed in the past 10 years as more and more claims are being made against small business owners and Community Associations. Claims on the primary level have grown not only in frequency but in severity, as the average loss payment for severe losses (death and disfigurement) has grown from $2 million ten years ago to $10 million today. This rise has impacted the umbrella market, which has seen a 30% increase in the amount of claims being made against the umbrella layer annually.
Umbrella coverage is no longer a luxury.
All of our umbrella policies are written on a follow-form basis to provide the broadest coverage for our insureds. We work with A-rated carriers, and offer high limit umbrellas with "per location" aggregates. When you write an umbrella policy through McGowan, you can be confident that you are getting the finest coverage in the industry.