Personal Group Excess Insurance 101

Personal Group Excess (Umbrella) Insurance - The Best Kept Secret

I’ve been on an insurance Umbrella and high-net-worth insurance mission recently. Have you noticed? It’s hard not to draw attention to these two conversation starters, which by the way, isn’t recommended with strangers you’re meeting for the first time. In my pre-Madonna attempt to set the record straight on why everyone needs a personal Umbrella, I will use this blog to show how to get more coverage for less dollars. You deserve better coverage at a lower cost, and I’ll show you how to make it happen.  

Group Excess basics

Have you ever looked at your personal lines insurance program and wondered if you can get better coverage by a best-in-class insurance carrier at a cheaper rate? Well, it’s possible, and we’re going deep on the power that is Group Excess insurance. In our second blog, we spotlighted the coverage, resources, and claims service that separate the high-value insurance space from the standard market. With a Group Excess policy, you get this same kind of key protection. This is a group or employer sponsored benefit that allows you to purchase your personal Umbrella or Excess policy through your employer or affiliated group instead of purchasing it on your own. If you’re a professional of any kind, this insurance product solution may be available to you. The product, as well as coverage and claims, are elite with huge participant benefits. It can cost up to 50% less and the underwriting requirements are more simplified versus purchasing independently. It’s a win for organizations, too. The policy provides enhanced coverages and it’s a cost-effective benefit for their employees. (Not to mention helpful for employee retention).

Participant benefits:

• Concierge-level claims service and response

• Simplified underwriting requirements

• Group pricing, up to 50% less

• Higher available limits of liability

• Excess under/uninsured motorist coverage

• Broad worldwide coverage

• Employment practices liability

• Nonprofit board liability

• Available choice of legal counsel

• Included personal attorney participation in defense

• Defense costs - Outside policy limits

And, look at the benefits to your company or organization:

• Added cost-effective and coverage benefits for your employees

• Retention tool

• Ability to tailor a program for groups of any size and any level

• Flexibility on program type: Supplemental and Voluntary options available

• Employer or Employee paid

Purchasing a Group Excess solution

There are a limited number of markets and insurance agencies that specialize and offer a Personal Group Excess solution. As an employee of an organization, you need to work with your HR benefits partner to see if there’s already a group policy in place. If so, find out what’s needed to participate. If you’re a business owner that’s interested in including this solution as part of your employee benefit package, work directly with a licensed insurance agency. Just make sure they have market access and are skilled to manage and administer this type of policy. NaVella Insurance can work directly with your employer or group to provide this benefit.  

Maintenance + Disclaimer

All insurance carriers have their unique limits, coverages, underwriting requirements, and limitations. They are continuously updating their coverage offerings and creating new solutions. It’s critical to work with a reputable insurance agency and licensed insurance agent that you trust.

The insurance marketplace is complex, tricky to navigate, and you need a qualified professional that knows this space inside and out. Whether you have a lot to protect (or lose) depending on your risk management approach, take the time to choose your carrier and policies that best protects your life and lifestyle. As an immediate next step, talk to your financial planner and insurance agent to understand the type of Umbrella you have, ensure it’s enough, and review limits each year as part of your care and maintenance plan.

Need a policy (and partner) to best protect your life and assets?

NaVella was created out of equal parts love and frustration with the insurance industry, its complexities, and the ever-evolving market space. With more than 16 years of experience in multiple facets of this industry, 1000+ insurance policies analyzed and reviewed, and hundreds of customized insurance portfolios crafted, we are dedicated to giving you control over what and how you protect what you care about most.

We are a woman-owned, progressive, independent insurance agency and consulting firm. We offer personal lines insurance solutions. Our product solutions include insurance for your: Home(s), Auto(s), collection(s), Excess + Umbrella, Watercraft, and Life. Our consulting and coaching services serve both personal clients. Headquartered in Massachusetts, and primarily focused on the Massachusetts and greater New England markets, we can write nationally.

If you’re ready to protect yourself now and in the years to come, please visit us at www.navellains.com, or email us at hello@navellains.com.

Manage your insurance and live your life. Partner with us.