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Once a specialty line offered almost exclusively to upscale accounts, personal umbrellas are rapidly becoming a standard component of a personal lines account. No company wants to send its customers looking elsewhere for umbrella protection.
The AAIS Personal Umbrella provides policy forms, optional endorsements,
and manual rules companies can use to "top off" their personal lines accounts by writing excess coverage above the limits of underlying policies, plus "drop down" coverage for personal injury liability.
While the AAIS Personal Umbrella is designed to be written over an AAIS Homeowners or Mobile-Homeowners policy, its strict "follow form" construction allows a company to write it over any industry auto, recreational vehicle, or watercraft policy without fear that it will create unanticipated exposures.
The AAIS Personal Umbrella program allows you
to write personal umbrella coverage as a stand-alone policy or
as an endorsement to an AAIS-based homeowners or
mobile-homeowners. Another endorsement option allows you to
write excess liability insurance to be provided for exposures of
a home-based business covered by the AAIS Home-Based Business
Coverage Part.
This program provides, among other things:
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A base form and endorsements filed and ready for your company to adopt
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Options for extending "follow form" excess coverage to farming and certain other business activities covered by endorsement in underlying policies
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Options for excluding punitive damages and designated premises, drivers,
vehicles, and watercraft
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Defense costs paid outside of policy limits
The AAIS Personal Umbrella manual consists of sample rules and loss cost rating information. AAIS actuarial, product development, and filings staff can help companies modify rules, loss costs, eligibility criteria, and minimum premiums to reflect their personal lines experience. Educational resource material explaining the coverages provided by the policy is also available.
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