Excess Liability/Commercial Umbrella
Excess Liability coverage grants extended limits above those of a basic business liability insurance policy. For instance, if you have a basic policy with limits at $1,000,000 and it is exhausted by claims, the umbrella will pay the excess. Therefore, any amount over the $1,000,000 limit is paid out by the umbrella policy – whose limit can be as high as $10,000,000, $25,000,000, or even more. Excess Liability coverage can also account for gaps in coverage under basic liability policies.