Umbrella Liability Insurance. The coverage shall not be less than $1 million Each Occurrence, $1 million Aggregate. Such insurance shall provide coverage over and above the stated General and Automobile liability limits.
Umbrella Liability Insurance. The Developer shall procure and maintain during the life of this Agreement five million dollars ($5,000,000) for bodily injury, personal injury and property damage in excess of coverage carried for Employer’s Liability, Commercial General Liability and Motor Vehicle Liability as described above.
Umbrella Liability Insurance means 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.
Examples of Umbrella Liability Insurance in a sentence
The required limits may be provided by a combination of Automobile Liability Insurance and Commercial Excess or Commercial Umbrella Liability Insurance.
More Definitions of Umbrella Liability Insurance
Umbrella Liability Insurance. An umbrella (over primary) or excess policy may be used to comply with limits or other primary coverage requirements. When used, the umbrella policy shall apply to bodily injury/property damage, personal injury/advertising injury and shall include a “dropdown” provision providing primary coverage for any liability not covered by the primary policy. The coverage shall also apply to automobile liability.
Umbrella Liability Insurance. Shall have a minimum limit of $1,000,000 each occurrence and $1,000,000 aggregate limit, with a retention no greater than $10,000. PROPERTY INSURANCE: It is agreed that IC shall purchase and maintain property insurance for material and equipment stored off-site, in transit, and/or used and left at the job site. IC waives all rights of subrogation against NATIVE for loss of or damage to IC’s work, tools, machinery, equipment, materials or supplies. WAIVER OF SUBROGATION: IC shall obtain from each of its Insurers a waiver of subrogation on Commercial General Liability and Workers' Compensation in favor of NATIVE with respect to losses arising out of or in connection with the performance of certain tasks. IC will obtain evidence of equivalent insurance coverage from each of IC’s Subcontractors or Suppliers, if any, before permitting them on the site of the project. Otherwise, the insurance protection for IC’s Subcontractors or Suppliers must be included within IC’s insurance policies. It is understood and agreed that the insurance coverages and limits required above shall not limit the extent of IC’s responsibilities and liabilities specified within the Contract Documents or by law. It is understood and agreed that authorization is hereby granted to NATIVE to withhold payments to IC until a properly executed Certificate of Insurance providing insurance as required herein and accompanied by a signed subcontract or purchase order are received. IC’s obligations within this Contract shall not be altered or relieved by IC’s failure to provide the coverages required by this Contract.