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Get Business Umbrella Quote Henderson NV

Business Umbrella Page

Get Umbrella Insurance for your Business in Henderson NV, Las Vegas NV Carson City NV Reno NV and everywhere in between!

Call (702) 541-0882 for quotes

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Business Umbrella Insurance

Do you Need An Umbrella Policy?

It's impossible to predict whether you might lose a lawsuit resulting from a car accident or an accident on your property. Nor is it possible to predict the amount that might be awarded to the winning party, an amount that you would be responsible for paying. To protect yourself against the possibility of devastating financial loss from these unforeseen events, you may want to purchase an umbrella. 

  

Get an umbrella quote today by calling (702) 541-0882


Primary coverage is  insurance coverage under which liability  applies (or, in insurance parlance,  “attaches”) immediately upon the  happening of an accident or event (called  an “occurrence”) that gives rise to liability.  Primary insurance provides an initial layer of protection either on a first-dollar basis  or after the application of a self-insured  retention or a deductible.  


The dollar amount necessary  to exhaust the underlying limit and thereby  trigger the secondary policy’s coverage is called  the “attachment point.”  In other words, the primary policy limits  must be completely paid out so that there  is no insurance left in the primary layer  before the secondary policy steps in to  provide further coverage.  


Let’s say one of your employees gets into a car accident while making a delivery to a customer. The property damage and bodily injury costs exceed your business’ commercial auto liability limits. If you don’t have a commercial umbrella policy, you’d have to pay the amount that exceeds your policy limit, putting your business at financial risk. That’s why it’s important to have umbrella coverage. 

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All Risk Insurance Solutions Inc is Trusted Choice Recommended. 

Business Umbrella insurance for business

Umbrella (Horizontal) Coverage

Umbrella (Horizontal) Coverage

Umbrella (Horizontal) Coverage

Umbrella/“Horizontal” Coverage Excess (or “vertical”) coverage can be defined as additional liability limits for a  claim that is covered by an underlying primary policy. That means a claim that is not covered by a primary policy  would not be covered for purposes of the excess policy, either. In contrast, some secondary policies reach out and  cover more types of claims arising from more exposures than the ones covered by the underlying primary policy.  For example, suppose the primary policy excludes liability claims arising out of a particular kind of drug made by the  insured, but the secondary policy covers any kind of product liability claim, even ones arising from that drug. In that  situation, the primary insurer would not cover such drug claims, but the secondary insurer would. A secondary  policy’s providing coverage for “extra” claims can be thought of as “moving over” to cover additional risks that are  not covered by the primary policy. A secondary policy that “spreads out” and provides coverage for additional types  of claims that are not covered by the underlying is like an umbrella that opens up to protect a person from  raindrops. That is why secondary policies that provide coverage for additional claims are called “umbrella” policies. If  you think about the risks being insured as being plotted along the horizontal axis in Exhibit 1.4, providing umbrella  coverage for additional risks can also be called “horizontal” coverage. 

Excess Vertical Coverage

Umbrella (Horizontal) Coverage

Umbrella (Horizontal) Coverage

Excess/“Vertical” Coverage For claims that are covered by the primary policy,  “excess coverage” is the additional coverage provided by the secondary policy  above the primary policy’s limit. After the primary insurer pays its entire limit  and exhausts the available coverage in the primary layer, the secondary policy  takes over and provides additional coverage up to the amount of the  secondary policy limit. 


Excess coverage can be therefore thought of as  coverage provided by an additional policy that simply raises the policyholder’s  liability limit by an additional amount. Raising the liability limit can be  represented in the graphic in Exhibit 1.4 by extending the height of the  secondary policy along the vertical axis. This is why excess coverage is also  called “vertical coverage.” 

Follow Form

Umbrella (Horizontal) Coverage

Follow Form

Follow Form Excess Coverage “Follow form” coverage describes the situation where  the secondary policy provides insurance with exactly the same terms and conditions  as the primary policy (also called the “followed policy”). Follow form provisions simply  state that the secondary policy will provide coverage according to the exact same  terms, conditions, and exclusions as the primary policy. Providing exactly the same  coverage in the secondary layer is beneficial because it minimizes the chances that a  claim might not be covered by the secondary policy. True follow form excess policies  only need to be a couple of pages long, relying on the followed policy for most of  their governing terms.  

Self-Insured Retention

 Self-Insured Retention Umbrella coverage for  claims that do not fall within an underlying  policy’s coverage applies on a “first dollar”  basis. For a claim that is not covered by a  primary policy, the umbrella policy will “move  over” and provide coverage as if it were a  primary policy for purposes of that claim.

When an umbrella policy “moves over” to  apply on a first-dollar basis as if it were a  primary policy for purposes of an umbrella  claim, most policies subject the umbrella  coverage is a small “self-insured retention” (or  SIR, as it is commonly abbreviated). This is an  amount of money (typically $10,000) which  the policyholder must pay on that claim  before reaching the horizontal umbrella  coverage.  

How Much Umbrella Insurance Do I Need?

Having too much liability insurance is better than having too little. Use our calculator to determine how much umbrella coverage is right for you.   It's wise to have at least enough liability insurance to cover your net worth.  Your Net Worth is Assets minus Liabilities.

 

Calculate

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