Commercial Excess/Umbrella

Question 1

Purpose

Answer 1

1. provide additional limits that are excess over those provided in underlying policies
2. respond to losses when aggregate limit of underlying policy is reduced/exhausted

Question 2

3 Type of Excess Liability Policies

Answer 2

1. Follow Form
2. Stand Alone
3. Commercial Umbrella

Question 3

Follow Form Excess Liability

Answer 3

mirror the terms and conditions on the underlying coverage form

Question 4

Stand Alone Excess Liability

Answer 4

contain their own insuring agreements/terms/conditions which are separate from underlying policies

Question 5

Commercial Umbrella Policies

Answer 5

have own insuring agreements and offers broader coverage

Question 6

Umbrella Broader Coverage Examples

Answer 6

1. Non-Owned Watercraft
2. Coverage Territory
3. Expected/Intended Injury
4. Definition of Bodily Injury
5. Non-Owned Aircraft

Question 7

Selected Exclusions

Answer 7

1. Aircraft
2. Watercraft
3. Contractual Liability
4. Liquor Liability
5. Pollution
6. Damage to your work
7. Professional Liability
8. Uninsured/Underinsured Motorists
9. Electronic Data Liability
   10.Employment Related Practices

Question 8

Structure Options

Answer 8

1. Single Layer
2. Buffer Layer
3. Layering
4. Quota Share