Insurance Institute of Ontario- Fundamentals of Umbrella Insurance

Imagine that one of your clients was judged to be legally liable for injuries suffered by a third party. What would happen if the incident that caused the loss was covered under the insurance policy, but your client was ordered to pay the injured party more than the limit of the liability provided by the policy you sold? Or, perhaps your client is sued for an occurrence arising from his or her volunteer work for a non-profit organization. Would a claim of this nature be covered by the underlying liability policy? After attending this session, you will know what umbrella insurance is and how it work, understand policy limits, k now the differences between excess liability vs. umbrella liability, understand the concepts of retained limit, territorial limits (auto and property). You will also be able to identify the target market for personal umbrella and gain some insight into selling strategies.

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