A policy designed to provide protection against catastrophic losses. Ii generally is written over various primal)’ liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops clown and picks up where the underlying policy leaves of when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
At Lucchese Insurance Agency, this is one policy that we urge all customers to have on top of their existing policies. An umbrella policy provides you the greatest dollar value protection for a minimal premium.
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