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Excess Liability and Umbrella Insurance

Excess liability and umbrella insurance are two types of coverage that provide additional protection beyond the limits of standard liability policies. These policies are essential for companies who face significant risks and potential for large claims in their operations.

Excess Liability Insurance Definition:

Excess liability insurance provides additional coverage above the limits of an existing primary liability policy. It kicks in when the limits of the primary policy are exhausted.

Additional Coverage: Supplements the coverage of a primary liability policy, such as general liability, auto liability, or employer’s liability.
Specified Policies: Typically applies to specific policies that are listed in the excess liability contract.
Follow Form Coverage: Typically follows the same terms and conditions as the underlying policy.

Considerations for Trucking and Transportation Companies:

Risk Assessment:

Evaluate the specific risks associated with your operations, such as long-haul driving, hazardous materials transport, and large fleet management or high risk exposure.
Consider potential liability exposures, including traffic accidents, cargo damage, environmental incidents, and regulatory violations.

Umbrella Insurance Definition:

Umbrella insurance not only increases the limits of existing liability policies, but also provides broader coverage, potentially covering some claims not included in the primary policies.

Broader Coverage: Extends the coverage of primary policies and can cover certain exclusions from those policies.
Drop-Down Coverage: Acts as primary insurance for some claims not covered by underlying policies, subject to a self-insured retention (similar to a deductible).

Gleason Insurance Brokers

844-97-USAVE | QUOTE | GENERAL LIABILITY | WORKERS COMPENSATION | COMMERCIAL AUTO | BONDS