Excess and Umbrella Liability Insurance
Your customer’s insurance needs are unique, which means they may need additional coverage based on the risks they face. Excess and Umbrella Liability Insurance with Risk-Can can help financially protect your customer if a claim or lawsuit exceeds their liability coverage or if losses are not covered by other policies.
Umbrella insurance provides additional liability overage beyond your customer’s primary liability policy. This liability insurance provides coverage that is in excess of scheduled underlying policies and possible primary insurance for losses not covered by other policies.
Risk-Can’s Excess and Umbrella Liability Insurance can provide additional coverage when insurance limits have been exhausted because of claims, or if policy limitations have been met.
Excess Insurance compared to Umbrella Insurance
Excess Insurance is similar to Umbrella Insurance in that it responds after the underlying primary policy limit is exhausted. The major difference is that Excess policies are typically "follow form" and follow exactly the coverages of the underlying policy, except they add on their own excess limit, which is then stacked on top of the primary policy's limit.
Umbrella policies tend to provide broader coverage over one or more primary policies, in that they typically lack "follow form" clauses. Their definitions of what is covered may be broader than the definitions in the primary policies and may sometimes lack exclusions used in underlying primary policies. An Umbrella policy may cover certain perils from the “first dollar of loss”, which were never previously covered under the primary policies. However, an Umbrella policy may include what is called a “drop down exclusion”, which eliminates coverage for those perils that are left uncovered by the primary policies.
What does Excess and Umbrella Liability Insurance cover?
When a customer is deemed liable, their primary insurance policy(ies) will pay up to the policy limits and any additional amount is paid by the Umbrella or Excess policy.
Contact us today to learn more about Excess and Umbrella Liability Insurance!
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Excess & Umbrella Liability
