by Jessica Dale

A Hard Market, What Does That Mean?


Along with crazy times in our world, we are in the midst of some crazy times in insurance. In many lines of coverage on the business insurance side of the house, we are in what is referred to as a “hard market.” This means more often than not, increased premiums – two words our insureds never want to hear. Directors & Officers Coverage, Employment Practices Liability, Medical Professional Liability, Business Auto, Property, Umbrella – truly seeing increases on average of 15% + across the board as rates go up. We expect this trend to continue on well into 2021.

A hard market can also mean changes in coverage – limits and/or deductibles. Some carriers are looking to get out of certain markets entirely, while others are looking to limit their exposure by reducing limits or increasing deductibles.

Due to this, we are doing our best at VAST to get out ahead of renewals, reaching out to carriers to find out what is needed as there is often additional underwriting information requested, and most importantly, what our clients can expect from them for their upcoming renewal. Does this mean your policy premium is automatically going to go up? Or your limits/deductibles are automatically going to change? Not necessarily, but in cases where it is, our goal is to communicate and educate as far in advance as we are able, to help prepare and partner with our clients in these situations.

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