Umbrella Excess Insurance: An extra layer of protection, an extra level of comfort.
Hospital Administrator » Insurance » Excess Insurance
Umbrella excess insurance is yet one more option that allows you to obtain exactly the coverage you need, all from a single carrier. Medical Mutual offers a broad spectrum of umbrella insurance limits to protect against judgments that exceed the limits of your primary policy. Such coverage is available in secondary markets, but many organizations prefer the integrated coverage offered by Medical Mutual.
Should you desire coverage over and above the limits of Medical Mutual’s standard professional liability insurance policy, we offer an extra layer of coverage in the form of umbrella excess insurance. So you get the higher limit(s) you desire to protect against catastrophic cases and judgments.
There is a retention provision with Medical Mutual’s umbrella excess insurance policy; however, the retention only applies to claims covered under the umbrella for which you have no underlying insurance coverage. The retention is $10,000, which is more modest than the retention contained in most umbrella policies, and does not apply to claims for which there is both underlying coverage, as stated in your Schedule of coverages, as well as coverage under Medical Mutual’s umbrella. Plus, while many carriers require your retention payment up front, Medical Mutual fully resolves claims on its excess umbrella insurance prior to billing for the retention. In addition to the positive impact on your cash flow, this helps ensure seamless handling of excess claims, as opposed to the multiple layers of claims management you become responsible for when you purchase this coverage from a separate carrier.