Each year, the NationalAssociation of Insurance Commissioners (NAIC) updates marketshare information indicating the degree of market concentration inlines of business and it identifies leading insurance writers inseveral categories. Most categories are familiar ones — personalauto, commercial auto, workers' compensation, medical professionalliability and homeowners — but then there is the catch-all of“other liability.”
|As defined by the InsuranceInformation Institute, “other liability” includes coveragesprotecting against legal liability resulting from negligence,carelessness or failure to act that causes property damage orpersonal injury to others. It also includes errors and omissions, umbrella liability and liquorliability.
|Related: 6 homeowners insurance tips for Super Bowl partyhosts
|For many consumers, umbrella policies provide the security ofinsurance protection for risks they weren't aware of, for example,host liability for parties or volunteering on their localhomeowners' association board of directors. Such policies may alsoprovide coverage when they or their family members post somethingon social media that results in a lawsuit.
|Pet owners often are advised to consider a personal liabilityumbrella policy to provide extra coverage in case their dog bitessomeone or their cat scratches a visitor.
|Related: 5 insider tips for increasing umbrella insurance policysales
|Whether you're looking to manage risk for your business, yourhome or your financial assets, it's important to know whichcarriers have the largest market share so you can make an informeddecision about where to obtain other liability coverage. Here's alook at the top 15 writers of other liability insurance by directpremiums written.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
