Underwriting Eligibility Requirements
By Janessa Vanderheyden, Senior Underwriter, Monoline
DID YOU KNOW?
That the Global Umbrella Insurance Market will reach $170.1 Billion by 2031?
In 2021, it was only valued at $72.5 Billion. At this rate of growth, umbrella policies are important and will remain a key part in your insured's insurance package to help them maintain accurate coverage in the event of a liability loss.
Monoline’s Commitment to Excellence
At Monoline, we pride ourselves on offering personal umbrella agents a user-friendly, seamless experience from quoting to binding. We blend old school values with new school innovations, ensuring that we not only meet but exceed your expectations. We guarantee that our online platform will empower you to quote and bind personal umbrella policies in half the time it takes using traditional methods.
Underwriting Eligibility Requirements
As your underwriter, I'm here to provide clarity on our underwriting eligibility requirements. In today's world, having adequate liability coverage is more critical than ever. Here's a breakdown of what we can and cannot write:
We Write:
$5m max limits
Primary layer only
Coverage over short and long term rentals
One major violation
Policies over any B+ or better AM Best rated carrier
LLCs, trusts, and estates as additional insureds
Coverage for motorcycles, boats, jet skis, recreational vehicles, and golf carts
Profile risks subject to underwriting approval
We Don’t Write:
Farming exposures
Business exposures
Youthful drivers with major violations
Real-Life Success Story
Meet Alex, a homeowner with multiple properties, including an Airbnb rental. When his current insurance company refused to cover the rental under his umbrella policy, his account executive, Amy, turned to Monoline for help. Using our online platform, Amy quickly generated a quote and found that short-term rentals are automatically approved. This allowed her to provide Alex with several pricing options instantly. Alex paid his premium online and secured coverage within minutes.
Monoline's innovative approach provided Alex with the personal umbrella coverage he needed, showcasing how we enable agents like Amy to deliver exceptional customer service.
Join the Monoline Family
At Monoline, we are committed to helping you meet your clients' unique personal umbrella needs. We welcome you to the Monoline family and look forward to supporting you in delivering top-notch service to your clients.
Create your free account and discover how Monoline can help you achieve more today!
Janessa is a seasoned Senior Underwriter at Monoline, renowned for her exceptional communication and customer service. She previously honed her skills at Burns & Wilcox, establishing a solid foundation in underwriting. In addition to underwriting at Monoline, Janessa hosts a free "Meet Monoline with Jan" monthly webinar, offering live platform demos and interactive Q&A sessions. Her commitment to clarity and client engagement underpins her work, making her a pivotal force in enhancing the Monoline experience for personal lines account executives and their customers.
Sources:
Is An Umbrella Policy a Waste of Money: Stats & Coverage; Hotaling Insurance Services; April 1, 2024
