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ISO Coverage Form

Summary: Insurance Services Office (ISO) has developed a personal umbrella form DL 98 01 10 06 which can be used to round out an insured’s coverage portfolio. It is a true umbrella in that it provides excess limits following underlying coverage forms, and also provides coverage for situations excluded or not addressed by underlying forms.

This article gives a brief overview of the auto coverages of the personal umbrella form.

Topics covered:

Introduction

Underwriting

What is an “auto”?

Liability coverage

Exclusions

Additional liability coverage

Introduction

Because the form is a “late entry” into the number of umbrella forms already available, many carriers might well elect to continue with their existing forms. However, the advantage of the ISO form lies in the fact that the language is similar to that in the underlying ISO homeowners and auto forms. Therefore, much of the language has already been tested in the courts. Each individual company can determine whether to adopt the form, or portions thereof, as their membership with ISO allows. Individual companies also determine underlying limit requirements, deductibles, retention amounts, and coverage limits.

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ICLC Staff Writer

 

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