Expose Umbrella/ Umbrella Liability
Umbrella/ Umbrella Liability Technical Terms
Umbrella/ Umbrella Liability : A separate liability policy, which provides excess coverage after the Association’s CGL or other liability policies (e.g. D&O, owned vehicle, or workers’ compensation) are used up by paying claims. The underlying policies and limits will be stated in the umbrella policy. The policy may also "drop down" for certain liability coverages not excluded when there is no underlying coverage, and may be subject to a self-insured retention (SIR). Such coverage should be contrasted with Excess Liability. Umbrellas are usually written for million dollar increments of coverage.