Multiple Umbrellas? Any Issue?

[insurance1822]

So I have a guy w/ 30 rental properties I'm trying to bring on board & write w/ my monoline mutual property carrier. The issue is he's currently on commercial paper w/ 1MM/2MM liability coverage. I will cut his current rate down by $13,000 per year. I'll write his home/auto w/ separate carriers & then...

1.) Issue a USLI umbrella to extend coverage to 25 locations.
2.) Issue an umbrella w/ his auto carrier to extend liability to the next 4
3.) Issue an umbrella w/ his home carrier to extend liability to the 1 remaining location

Any reason this wouldn't work?

 

[stex]

Why do you need to break the 30 rentals to 3 different policies? For the insured wants to keep the underlyings as is, why don't you write a regular personal umbrella for auto and home, then write an excess for all the rentals? Also there are personal umbrella carriers might be able to include everything in one policy - even if the underlyings are on CG form.

 

[insurance1822]

Why do you need to break the 30 rentals to 3 different policies? For the insured wants to keep the underlyings as is, why don't you write a regular personal umbrella for auto and home, then write an excess for all the rentals? Also there are personal umbrella carriers might be able to include everything in one policy - even if the underlyings are on CG form.

The only carrier I know who will write an umbrella over personal lines policy forms (that max at 500k of underlying liability..) is USLI who's max # of locations is 25.

The 30 rentals will have their property & liability coverage all w/ 1 carrier. The issue is that carrier maxes at 500k liability so I need to figure out how to get the extra 2 million of liability coverage he currently has. USLI will only extend their umbrella over 25 locations so I'm left w/ having to extend 2MM over the remaining 5 locations.

 

[stex]

Scottsdale has a "big umbrella" program can take all 30 rentals as well as the auto and home. It's admitted in California.

 

[hesse]

First concern is I am assuming he has the rentals in a LLC and not his personal name? If so the personal umbrella carrier usually wont add an LLC as additional insured for a commercial risk.

Can you write a USLI umbrella on 15 and 15?

 

[insurance1822]

First concern is I am assuming he has the rentals in a LLC and not his personal name? If so the personal umbrella carrier usually wont add an LLC as additional insured for a commercial risk.

Can you write a USLI umbrella on 15 and 15?

They are ALL in his personal name. I don't think USLI will write 2 umbrellas

 

[Arnage150]

There are a couple real estate programs out there with shared limit umbrella policies. As in you would get 100,000,000 limit for $1,500. It might be an option to look into.