Umbrella policies are one of the most important aspects of an associations insurance program. They help to protect it from catastrophic events that might otherwise fatally cripple an association’s future. Associations with play areas, pools, clubhouses, tennis or basketball courts, golf courses or owned roads and parking lots are particularly susceptible to these “catastrophic events” and should carry at a minimum $10,000,000 in umbrella coverage. The specialty program we use offers extremely low premiums for these high limit umbrella starting at under $1,000 for the first $5,000,000. That is typically about 50% lower than the average umbrella policy. Below are some of the program highlights.
Association Umbrella Coverage Highlights
- The financial security of Zurich North America; Zurich has ratings of A+ 15, and AAA from A.M.
- Best and Standard and Poors, respectively.
- The financial security of Chubb Insurance Group has ratings of A++ 15, and AAA from A.M. Best
- and Standard and Poors, respectively.
- Coverage A of the form is an absolute following form umbrella. This means the umbrella policy will follow the underlying package exactly. It will rely on the definitions used in the underlying; if coverage exists there it will be covered under this policy as well; unless specifically excluded.
- Developer Sponsored Boards are Eligible!
- High Rise Associations to thirty-five (35) stories are eligible.
- Excess of Directors & Officers, General Liability, Automobile, Employee Benefits, Employers
- Liability, Including Employment Practices Liability* (*if covered under the D&O).
- For Time Share's, excess Liquor Liability, if applicable
- Following Form Named Insured
- Following Form General Liability
- Following Form Directors & Officers Liability
- Following Form Liquor Liability
- Following Form Employers Liability
- Absolute Pollution Exclusion
- Following Form Employee Benefits Liability
- Following Form Personal Injury
- Following Form Aggregate Per Location
- NJ State Amendatory
- $10,000 Coverage B Self Insured Retention
- Certified Act of Terrorism Retained Amount Provisions -Coverage B
- Disclosure of Terrorism
- Following Form Liquor Liability
