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We offer Commercial Umbrella Liability Insurance Policies with several leading insurance carriers.
Commercial Umbrella Liability Insurance
Insurance Service Office (ISO) SAMPLE Policy Forms
Note: These Are Sample Policy Forms That Represent Insurance Industry Standardized Commercial Lines Policies.
Coverage proposals presented to you by our Agency may differ; as each insurer represented may offer modified coverage by endorsement or have filed it's own unique policy forms with the Texas Department Of Insurance. Please carefully read any carrier prepared proposal presented to you and where necessary request a copy of each insurance company policy form presented; so that you may compare any differences in coverage offered.
|Commercial Umbrella Policy " ISO Form - CU 00 01 1207"|
Commercial Umbrella Liability Insurance is also known as Excess Liability Insurance; as it provides extended liability insurance coverage to a firm that has basic underlying Commercial Auto , General Liability , Employers Liability ,and other insured liability exposures.
Umbrella Liability Insurance only provides additional coverage when the limits of insurance on an underlying policy are exceeded.
For instance, if you have $1,000,000 coverage under a underlying basic General Liability Policy and you have a covered claim settlement or judgment against your firm for $1,600,000 the umbrella policy would pick up the additional amount of $ 600,000 of excess loss above the $1 million limit of your underlying liability coverage.
Commercial Umbrella Liability Policies offers excess extended coverage for Commercial Auto , General Liability, and Employer's Liability for a single premium.
The average premium for most main street small business policies per $1,000,000 of incremental liability coverage is approximately $250-$350 per year. Premiums may be dramatically increased for larger employers or high risk industries, high risk classes of business , or higher than average claims history.
It is important to note that Umbrella Liability Polices do not typically provide excess coverage for Professional Liability ( often referred to Errors & Omissions ) , Employment-Related Practices, Property Of Other In Your Care/Custody/Control , Recall Of Product , or Product Liability.
Such risks are typically insured via a separate stand alone policy with increased coverage limits or by special endorsement to an underlying policy ( subject to underwriting approval of the underlying insurance carrier ).
The key issue with umbrella insurance is that there is no industry standard umbrella policy form that any insurance carrier is required to offer; so policy terms and premiums vary from company to company.
Coverage provided an umbrella policies will usually follow the provisions, exclusions, and limitations of the " underlying insurance"; unless otherwise stated in the umbrella policy.
However; insurers are free to come up with their own policy forms language , provisions, exclusions , or limitations along with establishing rates they deem appropriate for such terms.
However; the pricing of umbrella insurance is getting lower, and many insurance companies will offer very reasonable terms of coverage and highly competitive rates to secure your business in this line of insurance.