The New York market is a tough one. Insureds have had trouble securing excess liability coverage (also known as an “umbrella”) for years. Some of the more competitive markets (specialty programs, Risk Purchasing Groups, etc.) have recently begun to require a minimum of $2M in general liability coverage. However, the primary general liability markets won’t provide $2M in coverage. This has forced a large number of insureds to explore the standard market, an option which is significantly more expensive.

If you have a preferred risk that qualifies for a specialty market but are unable to secure $2M in liability coverage, what are your options? One very convenient option is a buffer layer. The buffer layer provides $1M in general liability coverage and bridges the gap between the general liability policy and the $2M required by the excess markets.

Buffer layers are not inexpensive; however, combining a buffer layer with a specialty market umbrella could potentially save a risk thousands for more coverage in comparison to the standard market.

New Empire Insurance Services (now Wholesure) offers an excess liability market that can provide a buffer layer. We can offer $1M limits in coverage in NY for condominiums and cooperatives. For more details or to discuss how it might benefit your insureds, please contact us or your underwriter directly.