More Endorsements Than Policy

I have in-front of me an 83 page umbrella liability policy for a bank client. 37 pages are the policy. 46 pages are endorsements to the policy. When the corrections and clarifications to your insurance policy get to be longer than the policy it is time to rewrite your policy. There is even an endorsement that is changing an endorsement and … [Read more...]

Personal Umbrella Liability and Board Service

I am often questioned by a board of directors member who is concerned with their personal liability for their service on the board.I hear it from board members of non-profit boards and the boards of corporations, alike.The question goes like this:"I have a personal umbrella policy that covers me for my actions on this board. Why do we need … [Read more...]

Are You Covered For The Anguish Of Mental Anguish?

The general liability policy insuring agreement states, "We will pay those sums that the insured becomes legally obligated to pay as damages because of 'bodily injury' or 'property damage' to which this insurance applies."Are lawsuits brought for mental anguish covered by general liability insurance? Sometimes yes. Sometimes no.The policy says … [Read more...]

Definitions – Bumbershoot Policy

Bumbershoot Policy - A liability insurance policy, similar to an umbrella liability policy, for marine risks.  Think boatyards and ship yards.  The policy is excess over primary policies, providing additional limits of protection.  Coverage may include protection and indemnity (P&I), Longshoremen and Harbor Workers Act protection.I have always … [Read more...]

Insurance Success Tip #3 – Buy High Limits of Liability Insurance

Do not skimp on liability insurance limits.A $1,000,000 umbrella liability policy is a "must-have" for all businesses.For companies over ten employees, my recommendation is at least $3,000,000.For most small businesses $5,000,000 is quite affordable.Best approach: have your agent quote $1 million, $3 million, and $5 million. You will be surprised … [Read more...]

Extra Extra Liability Protection

Umbrella liability insurance provides protection above and beyond what's offered by your general liability, auto liability, and employer's liability insurance. It's an inexpensive way to increase your level of protection against someone suing you. Premiums can be as low as $750 per $1,000,000 of coverage.Consider $1,000,000 a minimum. Think about … [Read more...]

Per Location Aggregates on Liability Insurance Policies

Commercial general liability insurance policies include various limits of liability.The most prominent limit is the "occurrence limit." This is the amount that's available for each individual occurrence during the policy.Liability insurance policies also include a limit for the aggregate of all of your claims. Typically, the aggregate limit is … [Read more...]

Who Needs Liquor Liability Insurance?

The general liability insurance policy that protects most businesses includes an exclusion for all losses arising out of the sale, manufacturing, distribution, serving, or furnishing of liquor.True to the confusing nature of insurance policies, there is an exception to the exclusion for those not in the business of selling, manufacturing, … [Read more...]

A reporter asked about product liability coverage. My reply:Product liability lawsuits are a primary concern for thousands of US businesses. If McDonald's can be sued for hot coffee, what chance does a smaller business have?-Beware of excluded products. Some insurers are gun-shy about certain products and industries - aircraft parts, gun … [Read more...]

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How Much Umbrella Liability Insurance Should You Buy

This is a tough question. I'm asked it all the time by insurance buyers. For most American businesses the answer lies between $1,000,000 and $100,000,000.The commercial umbrella liability policy provides additional liability coverage over general liability, auto liability and employers liability (part of the workers' comp policy). It can also … [Read more...]