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Commercial Umbrella / Excess Liability |
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Umbrella Liability (AKA Excess Liability) provides additional coverage when the limits of insurance on an underlying policy are exceeded. For instance, if you have $1,000,000 coverage under General Liability and you have a claim settlement for $1,500,000, the umbrella policy would pick up the additional amount. Umbrella Liability policies add coverage to General Liability, Hired and Non-owned Auto Liability, and Employer's Liability for a single premium. It is important to note that Umbrella coverage does not apply to the Professional Liability policy. |
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Premium is generated by taking these
exposures into consideration:
* Number and type of commercial vehicles on the underlying business auto
policy
* Number and type of additional insured's
* Gross sales or payroll of the underlying general liability policy
* Subcontractor exposures shown on the underlying general liability
policy
* Minimum acceptable underlying policy limits of liability
Why do I need Umbrella Liability / Excess
Liability Insurance?
The primary feature of umbrella protection is an additional amount of
liability insurance, in increments of $1,000,000, that is excess over
"basic" general liability, automobile liability, and employers'
liability coverage (the company liability part of a workers'
compensation policy).
In the event of an accident or emergency, and your General Liability (typically $1,000,000 limit) will not cover the claim -- having, or
not having an Excess Liability/Umbrella policy could determine whether
or not your company files for bankruptcy.
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