Umbrella policies are designed to be extra (excess) coverage for casualty and liability exposures. Commercial auto policies and workman compensation policies will have maximum coverage at 1 million dollars coverage. Underlying general or professional liability policies usually have a maximum limit of 1 to 5 million dollars that a carrier will issue on the form. Additional coverage needs for these exposures are obtained through the umbrella policy. These forms usually have a minimum underlying limit the auto, workman compensation; general or professional liability policy must have and usually have a deductible that must be met before coverage is available. This coverage is truly for large losses not available for coverage not anticipated on the underlying policy.
Yancy Insurance & Financial Services represents top A rated carriers for this form. Umbrella policies are usually applied for by submission and can require complete details, including copies of the underlying policy.
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