Umbrella / Excess Liability

Umbrella: Liability insurance designed to provide excess liability protection against catastrophic losses. The umbrella policy serves three purposes:

• Provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims;
   
• Drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and
   
• Provides protection against some claims not covered by the underlying policies, subject to the assumption, by the named insured, of a self-insured retention.
   

Excess Liability: Covers only excess liability over scheduled policies. This policy is very similar to an umbrella but all terms and conditions are defined in the underlying coverages. This policy merely extends the limits.

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