Pending regulatory approval in California, a 15% rate increase across all subcoverages under the program will be implemented Jan. 1, 2021.
Continuing its trend of rate hikes in recent months, Berkley Insurance Company will implement another increase to its ExecSuite Liability program, setting its sights on California. The carrier will implement this rate hike on Jan. 1, 2021, pending regulatory approval in the Golden State, with a 15% rate increase across all subcoverages under the program.
This will impact the program’s directors and officers, fiduciary and employment practices liability coverages, resulting in a 15% increase to base premiums. In addition to rate changes, Berkeley insurance will make several California-specific manual revisions in an effort to streamline the program.
This will primarily serve to ease the clerical process of making state specific changes in the future in California. The carrier previously implemented similar changes to this product in North Carolina, including a rate hike, clocking in at 8%, scheduled for 2021, and will likely continue metering out rate changes to this program in other markets as the new year approaches.
The carrier’s planned rate hike in California will impact its over $5 million in written premium in the Golden State and follows a 10.50% hike last implemented in the second quarter of 2016. Limits for its ExecSuite program will vary relative to coverage, typically starting at $250,000 and will range up to $10 million. Increased limits above $10 million will be considered on a per-insured basis.
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