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Summary: This article presents a description and an analysis of a commercial umbrella liability policy developed by The Cincinnati Insurance Company. The policy has an edition date of December 2004.

Topics covered:

Insuring agreement

Exclusions

Defense provisions

Limits of insurance

Conditions

Definitions

Insuring Agreement

This insuring agreement commits the insurer to pay on behalf of the insured the ultimate net loss which the insured becomes legally obligated to pay as damages for bodily injury, personal and advertising injury or property damage to which the umbrella insurance applies, which is in excess of the underlying insurance or which is either excluded or not insured by underlying insurance.

For this insurance to be applicable, the bodily injury, personal and advertising injury or property damage has to be caused by an occurrence that takes place in the coverage territory and occurs during the policy period. So, the policy is an occurrence type policy. This insuring agreement also contains the known loss language which prohibits coverage if the injury occurs prior to the policy period and is known to have occurred by the insured.

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