Excess Liability (Commercial Umbrella)
This coverage provides additional limits beyond an underlying commercial general liability policy. It requires that the underlying policy always be in force as it cannot function as an underlying policy as well. It can be customizable and limits up to $100,000,000+ can be purchased.
It works by defending the business (or an employee on company business) when the underlying liability insurance has been exhausted. This can happen quite easily when multiple lawyers are being retained.
Excess liability insurance can be looked on as “peace of mind” coverage for the business owner and an “asset protection” policy, both relevant concepts for the successful business. JWA will structure a liability package of underlying and excess cover that will ensure complete “peace of mind”.