When it comes to your Florida trucking insurance, although the terms excess liability and umbrella liability are often confused as being the same, they are quite different. Zot Insurance Agency is here to help you understand how each type of insurance works. 

Umbrella vs. Excess Liability Insurance 

While there are similarities, there are differences. Umbrella liability is collective. It could reach over general, auto, or employer’s liability, as well as provide coverage when the underlying coverage does not exist. Excess liability is very specific. It is extra coverage over a set amount for all three lines of coverage. What they do share in common is that for either an umbrella or excess liability policy to trigger, the underlying insurance policy line must be exhausted. 

Umbrella Liability and Excess Liability Insurance Coverage 

Both policies provide an excellent solution to help you protect your assets (such as your Davie, FL home) and net worth in the event you are faced with a large claim. The coverages may also meet shipper’s requirements for specific loads. 

For example, excess liability can be written in whereby the carrier chooses not to select the higher limits required by the shipping contract. This provides no coverage for other hauls that the carrier has that do not involve the shipper named on your excess liability policy. If an umbrella policy is triggered due to a claim that doesn’t include the underlying insurance than retention or deductible (typically $10,000 per claim) would apply.  

With ever-increasing claims in the trucking industry, it is smart to consider either an excess liability policy or an umbrella liability policy to protect you and your business. To learn more about umbrella and excess liability or to speak with an agent about your trucking insurance needs, call  Zot Insurance Agency in Davie, FL today. We serve over seven states!