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Alberta brokers seek availability of excess liability for Alberta residents with U.S. properties


May 17, 2011   by Canadian Underwriter


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The Insurance Brokers Association of Alberta (IBAA) is looking into the availability of excess liability for Alberta residents that own property in the United States.
The association resolved in 2010 to research the availability of umbrella coverage. Outgoing IBAA president Mardene Watson presented the research findings at the IBAA’s annual general meeting on May 16, 2011.
The association has now turned the matter over to its member services committee to see if a product might be made available.
In a report to the IBAA, Watson noted the association requested information about the availability of such a product from several insurance companies that write personal insurance in Alberta, eight of which responded.
“Our results were varying,” Watson’s report says. “Some companies do not have an umbrella product, some companies will not offer umbrella on U.S.-owned property and some companies will offer umbrella to current clients with U.S. properties.
“While most insurers that offer the coverage require underlying limits of $1 million, we had a response back from one company that would accept lower limits for their current clients.
“We then asked a few of the positive markets if they would consider a standalone product for the IBAA members, but with little success.”


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