Umbrella and Excess In An Hour

Description

This one-hour continuing education course clarifies the often-misunderstood distinctions between umbrella and excess liability policies. While the terms are frequently used interchangeably, they serve different purposes and function in unique ways within a liability insurance program. Participants will examine why these coverages are increasingly critical in today's environment of rising verdicts, social inflation, and litigation funding. The course reviews the three primary purposes of umbrella and excess policies, compares policy structures (follow-form excess, excess liability, and umbrella), and explores key underwriting considerations including the ACORD 131 application, Self-Insured Retentions (SIRs), and common exclusions and conditions. Important case law decisions highlighting policy language consistency and concurrency of coverage are also discussed. Practical examples of layering structures and real-world policy considerations ensure attendees leave with a clear, working understanding of how these coverages operate.