Umbrella (or Excess) Policy
From what I've read in Ballast, Umbrella Insurance will provide higher limits for General Liability, Automobile, and Employer's Liability policies.
Question 1.) Does the umbrella policy immediately offer higher protection for all three policies (general liability, auto, and employer's) or does one need to seek an "umbrella" for each of the three policies?
Question 2.) Does this mean there is no such thing as an Umbrella Policy for Errors and Omissions insurance? I suppose if one desired additional Professional Liability coverage, they could get Project Professional Liability coverage on a project-by-project basis.
Also (just because I'm paranoid), is General Liability the same as General Commercial Liability?
I am unsure if there's an 'umbrella' policy for professional liability insurance. I doubt it.
An umbrella policy could cover everything & can give you a higher $$$ level of coverage, but the caveat is that if you have a $1 million policy that covers 3 properties, if you have claims on all 3 properties at once, you are limited to the $1 mil. So you really need to look at your risk. If all 3 properties have the same storm or fire risk (they are adjacent to each other, let's say), it may be a bad idea. If the properties are in 3 different locations, some with low risk, then it could make sense.
Hope this helps!
Rebekka O'Melia, Registered Architect, NCARB, B. Arch, M. Ed, Step UP, Step UP ARE 5.0 Courses
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