Breaking Down Commercial Umbrella Insurance

Posted on: November 9, 2015 by Newmark Insurance

What You Need to Know

A Real Estate Industry Umbrella Policy can provide extra protection in addition to general liability coverage. This coverage seeks to supply extra coverage over the primary liability insurance in the event the initial policy is exhausted, protects against uncovered losses, and provides coverage if the primary policy specifically excludes certain options.  The following components should be understood about commercial umbrella insurance.

Individual Judgment & Risk- These policies are largely individualized and can vary greatly. As such, negotiations with the underwriters can prove beneficial to the insured if both the underwriter and the insurer work together and agree on your company’s individual risks.

Underlying Coverage- For insureds with severe advertising or other personal injury, or other special liability exposures, underlying coverage with high limits in these areas may also be required if these exposures are to be included in the umbrella coverage, according to Property Casualty 360.

Defense Coverage- Most umbrella policies include a provision that allows the insured to participate in legal cases to defend their business. In addition, umbrella coverage can be used to supplement the primary policy if the defense or appeal costs exceed the initial coverage limitations.

Additional Insured- If your business has other insurance policies that extend to numerous people or vehicles, commercial umbrella liability automatically extends to those insureds, as well.

Indemnity- This policy requires that the insured first pays for damages out of pocket. Once this has been completed, the insurance company will reimburse the customer.

At NewMark Insurance Services, we specialize in protecting the real estate sector with proper insurance coverages. Our experts specifically craft policies with you in mind to give you the most competitive rates. To learn more about protecting your unique risk profile, contact us today at (855) 777-6549.

Posted in: blog Real Estate Liability