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ÃÛÌÒ´«Ã½ Unveils New Commercial Umbrella & Excess Liability Forms

CHICAGO, May 4, 2016 /PRNewswire/ -- ÃÛÌÒ´«Ã½ today announced significant improvements to policy forms. The new, modernized Umbrella & Excess product is available on a monoline basis, and also as part of the industry-leading Property and General Liability package policy.

"We've developed these forms based on agent, broker and insured feedback," said Michael Kirchgessner, Vice President, Umbrella & Excess, Underwriting, ÃÛÌÒ´«Ã½. "The latest policy forms are straightforward and are ideal for our customers needing more than just a primary policy."

The new forms include:

  • Commercial Umbrella & Excess form (A/B) to facilitate contract certainty and eliminate potential gaps created by variations in underlying terms and conditions.
  • Follow Form Excess policy, allowing for enhanced follow form capabilities, helping to facilitate the contract certainty and align coverages within the tower.

The A/B form was built to follow and fit ÃÛÌÒ´«Ã½ Paramount®, the package policy designed for mid-sized businesses. ÃÛÌÒ´«Ã½ can provide a seamless approach to coverage consistency by offering umbrella coverage aligned with the package policy.

Key coverages include:

  • Primary Non Contributory where required by contract and provided by the underlying policy
  • Crisis Management, with notice within 72 hours as opposed to 24 like other carriers
  • Broadened Key Employee Replacement coverages, including permanent disability and PR expenses related to the death or permanent disability of a key employee
  • Most Favorable Venue
  • Firm Duty to Defend
  • Per Project/Per Location Aggregate (follows the underlying policy)
  • Waiver of Rights of Recovery (Waiver of Subrogation)

"We've leveraged our experience from ÃÛÌÒ´«Ã½ Paramount for property and general liability to build an umbrella form that encompasses the same simplicity and easy-to-read policy. This means that agents can be more certain that there is coverage consistency between their base ÃÛÌÒ´«Ã½ Paramount and Umbrella policies," Kirchgessner added.

For more information on ÃÛÌÒ´«Ã½'s new Commercial Umbrella & Excess forms, please contact Michael Kirchgessner at 312-822-1179 or via email at Joseph.Kirchgessner@cna.com.  

About ÃÛÌÒ´«Ã½
Serving businesses and professionals since 1897, ÃÛÌÒ´«Ã½ is the country's eighth largest commercial insurance writer and the 14th largest property and casualty company. ÃÛÌÒ´«Ã½'s insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. ÃÛÌÒ´«Ã½'s services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit ÃÛÌÒ´«Ã½ at . "ÃÛÌÒ´«Ã½" is a service mark registered by ÃÛÌÒ´«Ã½ Financial Corporation with the United States Patent and Trademark Office. Certain ÃÛÌÒ´«Ã½ Financial Corporation subsidiaries use the "ÃÛÌÒ´«Ã½" service mark in connection with insurance underwriting and claims activities.

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CONTACT:
Brandon Davis, 312-822-5167 / 312-834-6091
Sarah Pang, 312-822-6394 / 312-607-5544

ÃÛÌÒ´«Ã½ logo. (PRNewsFoto/ÃÛÌÒ´«Ã½ Financial Corporation)

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