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MO Property & Casualty--Chap 18 Misc Liability Policies
Missouri Property & Casualty Licensing Miscellaneous Liability Policies
7
Insurance
Not Applicable
12/04/2011

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Term
Excess Liability Policy
Definition
Written over a primary policy to increase the overall amount of protection. It is written on a "following form" bases, which means that it only increases the overall limit of coverage; it does not broaden coverage.
Term
Personal Umbrella Policy
Definition
There are often considerable differences from one contract to another.
Term
Commercial Umbrella Policy
Definition
Known as blanket catastrophe excess liability coverage and are not standardized policy forms.
Term
Commercial Umbrella Insurance:
Excess Coverage
Definition
Pays when the loss exceeds underlying primary limits.
Term
Commercial Umbrella Insurance:
Broad Coverage
Definition
Covers liability exposures for which no underlying primary insurance is written, or for which the underlying primary policy contains an exclusion that is not excluded under the umbrella policy.
Term
Commercial Umbrella Insurance:
Automatic Replacement
Definition
Replaces coverage for underlying liability policies when aggregate limits are impaired or exhausted by loss payment.
Term
Commercial Umbrella Insurance
Definition
Normally written on an occurrence basis and usually applies worldwide.
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