🤾‍♂️ Module 11 - Leaky Umbrella

Question 1

“Drop Down”

Answer 1

Umbrella policy that responds as primary insurance after SIR

Question 2

Umbrella

Answer 2

Excess coverage that provides “broader” coverage than underlying

Question 3

Excess

Answer 3

Excess coverage that is typically only “follow form,” exact same coverage as underlying

Question 4

Shaved Limits

Answer 4

Provision confirming attachment of excess layer can be satisfied by insurance or insured

Question 5

Other Insurance

Answer 5

Provision confirming policy sits excess of any other policy(ies) that may apply to loss

Question 6

Duty to Defend

Answer 6

Carrier has responsibility or “duty” to participate in defense and assistance of claim

Question 7

No Broader than U/L

Answer 7

Restrictive clause that narrows excess coverage to “no broader than underlying” coverage

Question 8

SIR

Answer 8

Self Insured Retention

Question 9

NAICS

Answer 9

North American Industrial Classification System

Question 10

OFF/EX

Answer 10

Officer Excess

Question 11

OT/EX

Answer 11

Overtime Excess

Question 12

SIC

Answer 12

Standard Industrial Classification Code

Question 13

ST

Answer 13

Straight Time