What type of policy provides coverage limits beyond a general liability policy?

An Excess Liability or Umbrella Policy specifically provides coverage limits that extend beyond those offered by a general liability policy. This type of policy acts as an additional layer of protection, allowing individuals or businesses to safeguard against larger, unforeseen claims that exceed the limits of their primary liability coverage.

Umbrella policies are designed to kick in when the underlying policy, such as general liability, reaches its limit. This means that if a liability claim exceeds the amount covered by the general liability insurance, the umbrella policy, with its higher limits, can cover the additional costs. This is particularly important in the property management sector, where the potential for lawsuits and claims can be significant.

Other types of insurance, such as fidelity bonds, property damage insurance, and workers' compensation, focus on specific risks or liabilities and do not typically extend coverage limits beyond a general liability policy. Each of these serves distinct purposes, but they do not provide the same broad additional coverage that an umbrella policy offers.