A Commercial Umbrella policy adds to the limits of multiple underlying liability policies and can also cover perils not included in the underlying policy. It also extends over a commercial auto and fleet policy.
An Excess Liability insurance policy covers you for increased liability limits for a specific insurance policy, and it pays out insurance compensation based on the same terms as the original or underlying policy. That means if a peril is excluded from the underlying policy, it's also excluded from the Ontario Excess Liability insurance coverage. The Excess Liability coverage adheres to the terms of the underlying policy. It provides additional coverage that can be accessed once the coverage limits on the underlying policy are exhausted.
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What is not covered by Commercial Umbrella or Excess Liability Insurance?
It is important to remember that the extra layer of protection offered by these insurance products only applies to liability-related costs such as legal defence, court fees, attorney fees and legal settlements. Because they are only for expenses associated with liability, they cannot be added to policies that are not for liability insurance and cannot be applied to costs that don't involve a lawsuit.
For example, if your commercial property suffers a destructive event such as a fire and your commercial property insurance coverage limits aren't high enough to provide you with all the compensation you need to restore the building and replace all the contents within. You cannot get additional coverage from a Commercial Umbrella Liability or Excess Liability insurance policy for this type of loss because it is a property insurance claim, not a liability insurance claim.
Is Excess Liability or Commercial Umbrella Insurance the better choice for my business?
The best type of liability coverage for your particular circumstance hinges on a wide range of factors. The right option for you is the one that closes up gaps in your existing commercial liability coverage. This is why it's essential to understand what exactly is covered by your insurance policies, what the coverage limits are, and where those policies could potentially fall short of offering you the full financial protection you need if you encounter litigation. Rely on your Morison Insurance Broker to help you navigate your insurance requirements and find the right coverages so you can rest assured you have the extra protection you need for all the perils you are most likely to encounter throughout your business operations.
Why can't I access my Excess Liability or Umbrella coverage before my primary policy is exhausted?
Commercial Umbrella Liability and Excess Liability insurance are designed to be used only when the primary coverage has reached its limit. You must first file a claim on your primary insurance coverage and receive all possible compensation you are entitled to under that policy before you can move on to your Excess Liability or Commercial Umbrella Liability insurance and access insurance compensation under your extra layer of insurance protection.
How much Commercial Umbrella or Excess Liability coverage does my business need?
The answer to this question varies widely based on a vast array of factors, which is why there's a significant advantage to having a qualified, knowledgeable insurance broker on your side. Your Morison Insurance Broker will help you assess your needs for Excess Liability or Commercial Umbrella Liability insurance which could include such information as the risk levels your business is exposed to for various types of liability, and how financial losses could impact you and your business, to name a few. With the necessary information, we can make an informed assessment and recommendation on the amount of Commercial Umbrella Liability or Excess Liability insurance coverage you should consider.
