Couple of points. After a 10 year record of only very minor claims, and immediate previous premium having risen about 8%, we had a couple of claims totalling some $25K. This year, after much chasing, and 4 or 5 insurers declining to quote due to an unresolved claim, our renewal this year, which has been very reluctantly accepted due to the compulsory requirement for insurance, has a premium increase of some 30% PLUS a 10X increase in our excess. Our broker has put in huge hours both with the claims and the renewal.
Your deal sounds OK to me.