Commercial Umbrella Liability

Course Description
This WebCE course is designed to give a moderately experienced insurance professional a thorough understanding of some of the basic concepts of commercial umbrella and excess coverage.

The litigious nature of American society arguably makes a commercial umbrella policy the most important kind of insurance policy that a business can purchase. But umbrella policies are unique in that they provide coverage after a primary policy has been exhausted by the payment of claims. The course examines various coverage concepts that are unique to umbrella policies.

Upon successful completion of this course, you will be able to:

  1. Explain the need for umbrella coverage.
  2. Describe the operation of umbrella coverage.
  3. Distinguish the operation of excess coverage.
  4. Discuss strengths and weaknesses of common umbrella coverage forms.
  5. Identify gaps in excess coverage.
  6. Locate the horizontal umbrella coverage features.
  7. Understand the coverage limitations of the phrase “ultimate net loss.”
  8. Explain how an umbrella attachment point is adjusted over time.
  9. Determine under which policy’s terms the umbrella will carry on as primary insurance.
  10. Avoid coverage gaps arising from concurrency language.
  11. Comply with the duty to maintain underlying insurance.

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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