Umbrella or Excess Liability insurance is “extra” liability insurance above and beyond your base policies. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this by providing additional liability coverage above the limits of your Homeowners, Dwelling Fire, Auto, RV, Motorcycle and Boat insurance policies. For commercial or business uses, it can provide excess liability above and beyond your General Liability, Workers Comp, E&O and more.
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A policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance. For example, your business has a $1,000,000 /$2,000,000 General Liability policy, but your land lord requires a $3,000,000 policy. You can purchase a $1,000,000 “excess liability” policy to create the $3,000,000 limit required.
A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
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