| Umbrella Liability Coverage |
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This type of liability insurance provides excess liability protection. Your business needs this coverage for the following three reasons:
It provides excess coverage over the "underlying" liability insurance you carry.
It provides coverage for all other liability exposures, excepting a few specifically excluded exposures. This is subject to a large deductible of $10,000.
It provides automatic replacement coverage for underlying policies that have been reduced or exhausted by loss. |
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| Underinsured Motorist Coverage |
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| Fills in when a negligent party doesn't have enough insurance to cover your loss or claim. |
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| Associated with excess and umbrella coverages. Refers to the limit of the primary policy and where the umbrella or excess coverage begins. Most excess and umbrella policies have a required underlying limit. |
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| The amount of the unused policy premium at the time of a cancellation or expiration relative to the policy term. For example, if the policy term is one year then the unearned premium at the six month point is 50% of the total premium. This is not an indicator of how much you'll get back if you cancel the policy because the total premium was partially based on the term. |
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| A combination of term life insurance with a savings plan. This approach provides more flexibility as to the death benefit and insured contributions. |
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