Why should I consider umbrella liability insurance from Elliott Special Risks LP?
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| We are Canada's leading independent market for umbrella liability business. Our program is mature, reliable and proven over time - we've been handling this class of business for nearly 35 years. Our insurers have the kind of specialty expertise it takes to deal promptly and efficiently with the type of claims this class of business generates. |
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If one of the primary policies scheduled in the umbrella policy was cancelled, say for non-payment, would your umbrella policy automatically "drop down" to provide the protection previously offered by the primary policy?
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| No, the "maintenance of underlying insurance" condition found in all umbrella policies requires primary policies to be maintained throughout the policy term of the umbrella cover. In the event of cancellation of a primary policy, the umbrella remains in effect in excess, but the policyholder self-insures the portion of the risk previously carried by a primary carrier. The excess automobile provision which is written on a statutory SPF7 form in most provinces works differently, and terminates concurrently with the cancellation of a scheduled primary automobile liability (AL) cover in most provinces.
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What policy limits can you offer?
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| We can provide limits up to $25 million using our exclusive, in-house facilities. We also have access to another $100 million in capacity using other first class, licenced markets. |
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Can you offer capacity in U.S. dollars or other currencies?
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| We can provide capacity in Canadian or U.S. currency. |
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Can you cover vehicles going to the U.S.?
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| Yes, we can cover vehicles going to the U.S. Of course, such exposures must be fully disclosed in the application form. |
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Can you provide primary automobile insurance?
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| No, we can't provide primary automobile cover but we write our umbrella policies to attach as low as $1,000,000, if required. |
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Is your premium flat or adjustable?
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| Our premium is usually written on a flat, non-adjustable basis. |
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What is your coverage territory?
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| Our standard policy territory is world-wide, with respect to suits brought anywhere in the world. We may amend cover to follow the form of the primary covers with respect to losses outside Canada. |
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Are your rates competitive?
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| Our program is competitive in terms of both coverage and premium value. |
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How do I apply for coverage?
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| Just fax or mail a completed and signed application to us together with any support documentation such as product brochures or specifications. We can usually have a quote within a few days. We will usually accept the application of other insurers — even if it's an application for primary cover, just as long as the information is complete. We can usually handle simple accounts including small auto fleets by phone. |
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Can you provide umbrella policy over a stand alone pollution liability policy?
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No, unfortunately we cannot schedule a specialty pollution liability policy. However we do have a range environmental exclusions available to complement the environmental exclusion in your primary GL policy. We can offer:
- Hostile fire form
- IBC 2313 form to provide sudden and accidental cover on a 120 hour (or longer) reporting form
- Named perils pollution form.
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How does the umbrella policy work if the primary product aggregate limit is eroded or exhausted by losses?
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| The umbrella policy provides important excess protection in the event that the primary product aggregate limit is eroded by losses. If the underlying aggregate limits are reduced or exhausted by losses, the umbrella will step in over the reduced or exhausted primary cover. |
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What is the purpose of the retained limit or self-insured retention (SIR) in the umbrella policy?
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| The umbrella policy may be drafted to be broader than the primary policies over which it attaches. For losses which are within the umbrella policy but for which no cover applies in the primary policies, the umbrella will "drop down" to the primary level. The policyholder will participate in each loss to the extent of the SIR. The SIR does not usually apply to defence expenses. |
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My present GL insurer will no longer provide cover for products sold to the U.S. Can your umbrella policy drop down to provide cover just for the sales to the U.S?
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| No, but we can provide cover for U.S. product exposures in our Canadian Exporters program, then schedule that policy as well as the other primary policies in our umbrella cover. |
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Who are your Insurers?
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| ESR underwrites on behalf of markel Syndicate 3000, a 100% Lloyd's-owned corporate syndicate that enjoys an A (Excellent) rating by A.M. Best. |
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