Commercial Umbrella or Excess Liability insurance supplements the limits of an insured’s underlying policies such as general liability, automobile liability, and employers liability. Umbrellas also protect insureds from exclusions and gaps that exist in their primary liability insurance. Covered causes of loss that are not normally included in primary policies are subject to a self-insured retention (SIR), which is the responsibility of the insured to pay. An umbrella policy’s coverage is triggered when the limits of the underlying insurance have been exhausted. Less commonly, an umbrella may also respond to a claim that is not covered by an underlying policy, but only when the loss amount exceeds the self-insured retentionThese policies can at times be confusing. Depending on the underlying carriers financial rating, the insurance company may chose not to use a following form. PTS Insurancecan discuss these issues that may seem minor at the time, but can end up costing you after a loss.
Posted on: Mon, 12 Aug 2013 16:55:08 +0000
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