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Frequently Asked Questions(click to expand)
What Is Umbrella/Excess Insurance?
Umbrella and Excess Insurance – also known as Umbrella Liability and Excess Liability – are types of liability insurance bought as an addition to the coverage limits of an existing insurance policy.
By purchasing Umbrella/Excess insurance, the policyholder is able to claim additional amounts if the limits of the existing coverage are insufficient.
What Is The Difference Between Excess and Umbrella Insurance?
Excess insurance provides extra coverage if the policyholder needs to claim an amount in excess of their existing policy. Once the underlying primary policy is exhausted the Excess insurance will provide further cover up to an agreed limit.
Umbrella insurance provides extra coverage across one or more primary polices. The range of coverage is also broader in an Umbrella insurance policy which can provide additional protection against some claims not covered by the underlying polices as well as not including their exclusions.
Who Is Umbrella/Excess Insurance For?
- commercial companies requiring excess limits (particularly SMEs or those working with high net-worth individuals or companies prone to lawsuits)
- personal clients who require additional limits for their home and/or auto insurance policies
What Does Umbrella/Excess Insurance Cover?
Umbrella insurance extends the cover of existing underlying policies. In other words, if an additional claim needs to be made that goes outside of the primary policy’s limit, Umbrella insurance will cover this.
Excess insurance will provide additional coverage limits on top of an existing insurance policy.
How Is Umbrella/Excess Insurance Sold?
- Commercial General Liability
- Employers’ Liability
What Can’t Umbrella/Excess Insurance Be Added To?
- Professional Liability
- Property Damage