CIC Commercial Multiline Exam Study
Guide
Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) -
Answer-1. Provide additional limits that are excess over underlying limits of insurance
2. Provide primary coverage when underlying poliy does not respond bea...
- excess liability/commercial umbrella (pay because of bodily injury and property damage as defined or
pays because of personal advertising injury as defined)
defense
- duty to defend
- not duty to defend in some cases (still right to defend)
- defense cost included within the SIR is often referred to as first dollar defense
ultimate net loss (different ways to pay this- what the court says must be paid)
- all sums paid or payable in settlement
- all sums paid or payable as damages
coverage area
- worldwide or anywhere in universe, could also be limited
exclusions for excess and umbrella - Answer✔✔-- aircraft
- watercraft
- contractual liability
- liquor liability
- pollution
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