Homeowner Associations » Commercial Umbrella


Advertising Injury: Injury arising out of libel or slander, violation of the right to privacy, misappropriation of advertising ideas, or infringement of copyright, title or slogan committed in the course of advertising goods, products, or services. Contrast with Personal Injury.

Bodily Injury Liability: A legal liability that may arise as a result of the injury or death of another person.

Commercial General Liability (CGL) Coverage Part: General liability coverage may be written as a monoline policy or part of a commercial package. "CGL" now means "commercial" general liability forms, which have replaced the earlier "comprehensive" general liability forms. The latest forms include all sublines, provide very broad coverage, and two variations are available – “Occurrence" or "Claims-Made" coverage.

Directors and Officers Liability Insurance Agency, Inc.: Insurance that protects directors and officers from liability claims arising out of alleged errors in judgment, breaches of duty, and wrongful acts related to their organizational activities.

Personal Injury: Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person's right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury.

Property Damage Liability Insurance Agency, Inc.: Protection against liability for damage to the property of another, including loss of the use of the property, as distinguished from liability for bodily injury to another. In the majority of cases it is written along with Bodily Injury Liability protection. (LA)

Retained Limit: The proportion of the loss which the policyholder is required to pay. Most commercial umbrella policies have a retained limit of $10,000. Typically, the policyholder would only be required to pay the retained limit if there was no underlying coverage for the insured loss.

Umbrella Liability Policy: A coverage basically affording high limit coverage in excess of the limits of the primary policies as well as additional liability coverages. These additional coverages are usually subject to a substantial self-insured retention. The term "umbrella" is derived from the fact that it is a separate policy over and above any other basic Liability policies the insured may have.

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