One of the largest Risk Purchasing Groups (RPGs) officially stopped accepting new business submissions as they are expected to pull out of New York State.
Buildings with open violations are being automatically declined by two of the few remaining Risk Purchasing Groups who write high-limit umbrellas.
Risks that cannot get a quote with the remaining RPGs, are only eligible for an Umbrella quote with carriers who are putting out low limits like $3M or $5M with an Excess & Surplus Lines (non-admitted) carrier. Neither of which provide excess D&O coverage!
Two of the top D&O carriers, C.N.A. and Chubb are no longer allowing buildings to increase the limits on their D&O policies, so basically some buildings are only able to maintain $1M of D&O coverage if they don’t qualify for an RPG Umbrella.
At some point, the market will soften and there will be additional options, but for now, if you are able to maintain a high limit umbrella with an RPG, consider yourself in good shape.