As insurers retreat from some markets, policyholders are facing skyrocketing premiums, stricter underwriting and unexpected policy cancelations
The hospitality insurance market is facing a major shake-up, with fewer carriers willing to cover industry risks, skyrocketing premiums, and increasingly restrictive underwriting. One of the biggest trends is consolidation, with niche brokers being bought out by larger brokerages, said award winning wholesale broker David DeLorenzo (pictured), CEO of Ambassador Group Insurance.
This shift is leaving bar and restaurant owners in a difficult spot. Many establishments that once had a reliable set of insurance options are now struggling to find carriers willing to underwrite their policies.
“Smaller brokers, who have specialized in hospitality insurance for years, are retiring, and when they’re gone, a lot of the personalized service goe