Umbrella Insurance
Umbrella Insurance
Personal Umbrella Insurance
Personal umbrella insurance
is low-cost liability coverage that provides an extra layer of coverage beyond the limits of the liability insurance on your auto and homeowners policies. Personal umbrella insurance provides additional limits of coverage if you're sued for damages suffered by someone as a result of an accident involving your car or property, or while participating in recreational activities.
Commercial Umbrella Insurance
Commercial umbrella (aka excess) liability insurance is an important source of protection that supplements the limits of an insured's underlying policies such as general liability, automobile liability, and employers liability. Umbrellas also protect insured's 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. SIRs in the amounts of $10,000 or $25,000 are common. 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 retention.
A typical commercial umbrella liability policy offers features such as worldwide coverage; personal injury coverage; blanket contractual liability protection (for both written and oral agreements); care, custody, and control coverage; non-owned aircraft liability; watercraft liability; advertisers liability; liquor law liability; XCU liability; and an extension of protection to additional insureds.