XL Group plc’s Excess Casualty’s North American Umbrella team has launched a new umbrella policy form. The enhanced “A/B Umbrella” form offers two insuring agreements in one policy. Insuring Agreement A follows the terms of underlying primary insurance therefore eliminating potential for coverage gaps and need for manuscript endorsements while Insuring Agreement B provides traditional stand alone umbrella on its own terms over a Self Insured Retention (SIR).
Another feature of XL Group’s new umbrella policy is that under Insuring Agreement A, the general aggregate limit automatically applies in the same manner as aggregate limits in the primary, other than products-completed operations aggregate. Disaster response coverage is also included – a frequent coverage request by endorsement — as Insuring Agreement C in the new umbrella form.
The XL Group companies’ umbrella coverage is available on an occurrence basis with limits up to $25 million in the US. Coverage is provided by XL Specialty Insurance Co. or on a surplus lines basis from XL Group’s Indian Harbor Insurance Co.
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