UMBRELLA AND EXCESS LIABILITY

UMBRELLA AND EXCESS LIABILITY

WHAT IS IT?

Excess and Umbrella Liability policies protect organizations from catastrophic events that could be financially devastating.  They provide additional limits of insurance above the limits contained in the primary commercial general liability policy. 

WHY TRISURA?

Knowledgeable Our team of experienced underwriters work closely with you to assess the liability exposures specific to your client’s business to provide customized solutions to help avoid gaps in coverage.

Service 100% Local authority means decisions can be made quickly

COVERAGES

Coverages

  • Umbrella
  • Excess Liability
FIVE THINGS YOU SHOULD KNOW ABOUT UMBRELLA AND EXCESS LIABILITY
1. Similar but not the same

Umbrella and excess insurance policies are designed to be additional layers of coverage above the limits of primary insurance policies.  The two policies are often mentioned interchangeably.  However, there is a difference between the policy forms.

2. What is an Umbrella policy?

Umbrella policies are a type of excess liability that not only offers higher liability limits, but also broadens coverage for things that your underlying policy might not cover. For example, an umbrella policy could extend coverage territory to include worldwide coverage territory, which is often broader coverage territory than underlying policies cover.

3. What is an Excess Policy?

Excess Liability policies provide coverage above the limits of the underlying coverage.  It offers no broader protection than that provided by the underlying policy.  In fact, the excess liability coverage may even be more restrictive than the underlying coverage.

4. Even well managed businesses can get hit with a lawsuit

Umbrella and excess liability policies can protect against large losses and potential gaps in coverage that can be catastrophic to your business.  In the current environment of spiraling legal costs and high liability judgements even well managed businesses need strong liability insurance more than ever.

5. Not all policies and insurers are equal

At the time of liability claim, the last thing you want is to learn that your coverage isn’t as good as you thought it was.  Umbrella and Excess Liability policies are not written on standardized forms, so it is always important to read your policies to see what they actually cover

Similarly, you want a company that can step up and guide your organization through the claims process, and always ensure that your insurer is financially stable and able to pay claims on your behalf.