If you are concerned that an accident, theft or lawsuit may occur that your general policy may not totally cover, commercial umbrella insurance is probably a good choice for you. A complete commercial umbrella plan will cover you for just about any situation you can think of.
Commercial umbrella (aka excess) liability insurance is an important source of protection that supplements the limits of an insured's underlying policies such as
general liability, automobile liability, and employers liability. Umbrellas also protect insureds from exclusions and gaps that exist in their primary liability insurance. Covered causes of loss that are not normally included in primary policies are subject to a self-insured retention (SIR), which is the responsibility of the insured to pay. SIRs in the amounts of $10,000 or $25,000 are common. An umbrella policy's coverage is triggered when the limits of the underlying insurance have been exhausted. Less commonly, an umbrella may also respond to a claim that is not covered by an underlying policy, but only when the loss amount exceeds the self-insured retention.
A typical commercial umbrella liability policy offers features such as worldwide coverage; personal injury coverage; blanket contractual liability protection (for both written and oral agreements); care, custody, and control coverage; non-owned aircraft liability; watercraft liability; advertisers liability; liquor law liability; XCU liability; and an extension of protection to additional insureds.
Underwriters and companies that issue umbrella coverage have a primary objective of dovetailing their excess program with the newer commercial general liability forms (both the claims-made and occurrence versions). They have a major stake in ensuring that their policies carry out their coverage intent without problems and uncertainties. Agents, brokers, consultants, and risk managers share the responsibility to verify that the coverage issued fills their clients' coverage needs.
Let Michael D. McKay Insurance Agency help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business, or both, is our goal. a well-chosen policy can lessen the impact of some of the most common, yet unforeseen perils. We’re here to help when you are considering Commercial Umbrella Insurance coverage.