Personal Umbrella

Excess liability or personal umbrella coverage is available to safeguard beyond policy limits. This coverage will support all lines of insurance that are part of a Sprezzatura Insurance package.

The main purpose for carrying an Umbrella/Excess Coverage varies per client and it’s main exposure:

Example:

• Increase its limits of liability.
• Providing excess coverage over primary limits.
• Provide broader coverage which would be excluded under primary coverage.
  
  • Basically provides safety to the insured in case that the underlying coverage excludes the actual loss.
• Act as Primary Coverage when underlying aggregates are exhausted.

Types of Umbrellas:

• Claims Made: Claim must be reported after retro date and during reporting period.
• Occurrence: Claim must have occurred during the policy period.

Key Definitions:

• Self Insured Retention (SIR): Applies to losses not covered by the primary limits, but covered in an excess/umbrella policy.
  
  • Will not apply when underlying coverage is applicable.