UMBRELLA DEFINITIONS

Excess Policy

This form provides higher limits of coverage for only those hazards covered by your primary policies. No coverage exists if it is not included in your underlying schedule.

Self Insured Retention

This value represents the amount of damages and/or legal costs that you must assume (retain) before your insurance protection becomes payable.

Umbrella Policy

This form provides a higher limit of coverage that is excess over scheduled underlying policies. It is used in one of three ways: (1) to provide additional limits of protection over the coverage listed in your underlying schedule, (2) to act as primary coverage if your underlying limits are exhausted, and (3) to provide coverage for some risks, subject to a retention, when your primary coverage does not.