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Umbrella Excess Liability

A business owner will need to consider their business operations and the risks they face not only daily but also worse case scenarios. Unless your underlying insurance limits, you’re general, auto, and employers liability limits are capped as high as they can go (usually $1,000,000 for each) you won’t be eligible for an umbrella policy. If you are getting this type of policy solely because it is required by a client contract, you will have to get the limit required in the...Read more

While both policies provide an additional layer of insurance above the underlying policies, and Excess policy will only pay if the underlying insurance covers the loss and exhausts policy limits. An Umbrella policy will also pay under the same circumstances; however, it also could “drop down” and cover claims that are not covered under the primary policy.

These are the basic differences but since most carriers do not use a standardized umbrella or excess liability coverage form,...Read more

Any business that has maximum limits on primary liability policies (general, auto, and employers liability) should be eligible for an umbrella or excess policy. With auto insurance claims on the rise, if your business has any company-owned vehicles, we highly recommend additional limits. It may not be as expensive as you thought but keep in mind, the more costly the Umbrella the more potential for excess claims in your industry.

1► Trucking firm’s employee hits an icy spot on the interstate and slides into a vehicle which then hits the vehicle in front of them and so on.  Multi-vehicle pile-up, many people injured and vehicles damaged. The trucker's liability limit of $1,000,000 is exhausted quickly, luckily this trucking firm had a $25,000,000 Umbrella.

2► Manufacturer's rechargeable battery component, in the laptop computers they build, is defective. The batteries can cause the laptops to catch on...Read more