01.Core Concepts

A commercial umbrella policy can protect a business against catastrophic liability judgments The ISO commercial umbrella policy pays the ultimate net loss in excess of the retained limit for bodily injury, property damage, and personal and advertising injury to which the insurance applies The ultimate net loss is the total sum the insured is legally obligated to pay as damages The retained limit refers to (1) the available limits of underlying insurance listed in the declarations, or (2) the self-insurance retention, whichever applies