Course Details
hours
7.0
price
$99.00
This course is not subject to discount pricing.
  • Course:
  • Internet
  • Exam:
  • Internet

Additional Credit Available:

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Umbrella Liability Insurance for Contractors

Reaccreditation >> IRMI Renewal

Course Description
Umbrella Liability Insurance for Contractors provides a detailed understanding of the workings of commercial umbrella and excess coverage, with an emphasis on how the coverage terms and provisions apply to construction contractors. 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. 

This course examines various coverage concepts that are unique to umbrella policies, including the following: the various ways an umbrella policy might organize coverage; the scope of coverage provided by an umbrella policy insuring agreement; common limitations and restrictions imposed on contractors; the importance of examining the terms of the contractor’s limitations endorsement; how an umbrella policy’s attachment point may be adjusted over time; the meaning of follow form coverage and the areas of coverage in a contractor’s umbrella policy; how umbrella policy limits and self-insured retentions (SIRs) apply; the difference between horizontal and vertical exhaustion of policy limits; the conflicts between construction contract provisions and umbrella policy conditions; and the impact of a failure to maintain underlying coverages.

Learning Objectives
This is an intermediate-level course. Students who successfully complete this course will be able to

  • identify reasons why contractors need umbrella coverage
  • recognize the structure and key functions of umbrella coverage
  • identify various ways an umbrella policy might organize coverage
  • recognize the scope of coverage provided by an umbrella policy insuring agreement
  • recognize the significance of common limitations and restrictions imposed on contractors umbrella policies
  • recognize the effect of various policy conditions unique to umbrella policies
  • given relevant information, determine whether a given form provides follow form excess coverage or true umbrella coverage
  • given relevant information, apply umbrella policy limits and SIRs in determining the amount payable for a loss 
  • identify conflicts between construction contract provisions and umbrella policy conditions
  • given relevant information, recognize coverage gaps between umbrella policies and underlying policies and identify possible remedies

Prerequisites

A basic understanding of CGL coverage.

CPE Field of Study

Management Services

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

By IRMI

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference services. IRMI publications are considered the ultimate authority by leading insurance practitioners and even federal appellate courts when interpreting insurance coverage. Use the knowledge you gain from IRMI CE courses with confidence, knowing they are written by seasoned insurance professionals who employ diligent quality assurance standards to provide the most up-to-date, practical, and reliable information possible.