Westport (SwissRe) Commercial Umbrella Q&A
Q: What are the minimum primary limits required?
A: Required underlying limits:
· E&O: $1,000,000 per occurrence / $1,000,000 aggregate
· GL: $500,000 per occurrence / $500,000
· PI / PA: $1,000,000 products aggregate / $1,000,000 general aggregate
· Commercial Auto: $500,000 CSL or $500,000/ 500,000 BI - $250,000 PD
· Employer Liability: $100,000 / $100,000 / $500,000
· Watercraft Liability: $1,000,000
· Employee Benefits: $500,000 / $500,000 or match GL limit if higher
Q: Is the umbrella on an occurrence or claims made form?
The umbrella is an occurrence form when providing coverage over primary commercial auto liability, comprehensive general liability, employer’s liability, watercraft liability and other occurrence coverage forms. It provides following-form protection over the primary insurance agents E&O policy and thus us a claims made form for this line.
Q: Does the umbrella offer an extended reporting period (ERP or tail) for the E&O?
A: Yes, ERP is offered up to 10 years depending on what the primary E&O policy offers.