Difference Between Excess Insurance & Umbrella Insurance

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Excess insurance and umbrella insurance policies have a number of important differences that you're going to want to familiarize yourself with. Find out the difference between excess insurance and umbrella insurance with help from a longtime insurance professional in this free video clip.

Part of the Video Series: Insurance FAQs
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Video Transcript

Hi, this is Tony Chimino. I'm the CEO of Assurance explaining to you today the difference between umbrella and excess insurance. Both insurance whether it be umbrella or excess insurance is basically an insurance product that buys additional coverage that is on top of two major coverages that many businesses have, that is general liability insurance and auto insurance and what these policies are are ways to buy additional limits for both coverages in one policy. Now the big difference between the two is an umbrella policy will actually cover exactly the form on the insurance contract of the underlying insurance products. So it will exactly follow form for the general liability and the auto liability policy. An excess policy is a little bit different. It is additional limits that has its own form and doesn't necessarily follow exactly the forms of the insurance coverage that's below it. So that is the major difference between umbrella and excess insurance. Again, this is Tony Chimino, explaining to you those differences.

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