The metaphor for umbrellas is not lost on us desert dwellers. Shade is survival. The same is true for your commercial liability exposures. Umbrella coverage is an optional coverage that gives you an extra layer of protection to help cover nuclear claims and provide legal defense when a claim exceeds the limits of your underlying liability coverages.
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While similar, there are key differences between umbrella and excess liability coverage. Excess Liability extends coverage over one specific liability policy, such as General Liability. Umbrella coverage extends over multiple policies such as GL, EPLI, EBL, Pollution, Commercial Auto, and WC. Umbrella coverage provides the broadest protection.
For your umbrella policy to attach to your other lines of coverage, you will need to carry a minimum of $1M liability coverage.
Feel free to send vendor packets and COI requests to [email protected]. Our dedicated COI specialist will quickly rush a certificate out that will include the applicable policy forms for review. If you do not have the required coverage, we will notify you what the cost will be to add coverage.
Commercial umbrellas provide an extra layer of coverage over your other liability coverages so you have access to higher limits of coverage. They also round out coverages not provided by your underlying policies. They provide legal defense for claims that exceed your primary coverages.
Excess liability is an extra layer of protection over a single line of coverage. It is not as broad as umbrella coverage.
Obtaining umbrella coverage is considered a good practice to avoid scenarios where bodily injury or property damage exceeds policy limits. In today’s litigious environment, that is easy to do.
Our favorite way is by asking for a quote from Wilson Insurance.
The amount of coverage you need, what lines of coverage your policy is going over, and your industry group are all baked into final pricing.
For the best answer, it is helpful to do a coverage review and risk analysis with Wilson Insurance.
