What is Commercial Umbrella Insurance?
Umbrella Liability Policies are designed to provide further protection against third party bodily injury and property damage claims in excess above your primary policy limits. Primary policies are your General Liability, Business Auto and Employers Liability (Work Comp) policies.
The umbrella policy serves three purposes:
- It protects your assets from an unforeseen event such as a catastrophic loss with the much higher limits.
- it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims;
- and it provides protection against some claims not covered by the underlying policies subject to any self-insured retention that applies.
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