Commercial Umbrella Insurance
Whenever you are looking for higher liability limits, an association should consider the purchase of an commercial umbrella policy.
The policy is designed to give you extra liability in the event of a major claim or lawsuit. It provides additional liability coverage in excess of the current policies listed on the umbrella.
Unfortunately, the commercial umbrella policy is often written incorrectly. The association should be aware that ALL POLICIES SHOULD BE LISTED IN THE UNDERLYING LIABILITY SECTION of the policy.
Your Umbrella should be excess over:
- Association General Liability
- Automobile Liability
- Directors and Officers Liability
- Workers Compensation/Employers Liability
- Employment Practices Liability (including 3rd party discrimination coverage)
- Cyber Liability
- Watercraft Liability
- Special Events – Liquor Liability
Just like your Directors and Officers Liability policy, not all umbrella policies are created equal. Be aware of exclusions and limitations in the policy.
Umbrella premiums vary, depending on the carrier and the coverages offered. Be sure to work with an independent insurance agent who can offer you a wide variety of plans and comparisons for your insurance. If you’d like a complete review of your association insurance, please contact Connie Phillips at one of our offices in Frederick, Maryland or Virginia Beach, Virginia. Fill out the web form or call us at 888-439-0479.