Umbrella & Excess Liability
Experienced business professionals understand that the litigious nature of our society combined with surmounting liability judgments are reason enough to purchase umbrella coverage.
That’s why Spalding Insurance Agency offers umbrella and excess liability coverage to supplement existing business insurance. Umbrella and excess policies can be used to fill in the gaps between other policies and protect against claims that exceed the value of more specific policies.
Designed for the worst-case scenario and claims of catastrophic loss, this coverage kicks in when other policies leave a balance of damages.
Policies follow form, meaning they abide by similar provisions and cover similar losses as the underlying policy. If claims are not covered by an underlying policy, the umbrella policy makes the business responsible for the loss if it exceeds SIR limits. The damage must also involve personal injury, property damage, or advertising injury.
Policies either cover all individuals or cover parties that gain insured status within the contract. Policies also protect an organization’s executive officers, regular employees, directors, and stockholders acting on behalf of the organization. Protection for additional insureds is typically excluded when claims involve motorized vehicles, watercrafts, and aircrafts.
- Personal Injury
- Blanket Contractual Liability Protection
- Care, Custody & Control
- Non-owned Aircraft Liability
- Watercraft Liability
- Advertisers Liability
- Liquor Law Liability
- Explosion, Collapse & Underground (XCU) Liability
Our team can evaluate your unique risks compared to your current coverage and suggest a tailored policy. Contact us today to get started.