An Excess Liability Insurance provides coverage when a scheduled underlying policy’s limits have been exhausted.
An Umbrella Insurance policy is a type of Excess Liability insurance policy. It works the same way as an Excess Liability policy, except that it can be applied to multiple underlying liability policies, and in certain cases can cover exposures not included in the underlying policies.
Why do I need Umbrella/Excess Liability Insurance?
Umbrella/Excess Liability Insurance is an effective way to protect your business from unforeseen claim expenses that your primary insurance policies may not cover, especially in cases which involve:
- Litigation due to property damage, injury, negligence.
- Court fees associated with legal defense if your business is sued for damages.
- Court settlements.