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Ritu Priya · Mar 3, 2009, 02:02 PM

Can anyone tell me what the exclusions/exceptions generally are for indemnity insurance?

Let's say someone has an indemnity insurance policy with a 25mln dollar limit.
What will not be covered by such a policy, besides any claim exceeding 25mln?

ebaines · Mar 3, 2009, 02:18 PM

Are you asking about excess personal liability insurance, also referred to as an umbrella policy? Umbrella policies are typically an extension of the same liability terms as on your home owner's and auto insurance policies, with a deductible equal to their maximum liability benefit (for example, $300K). The terms are typically the same, although there may be specific exclusions for operation of aircraft or watercraft, and also for any business dealings.

Ritu Priya · Mar 3, 2009, 02:45 PM

Thank you Ebaines!

No, this is indemnity insurance a company would purchase. All business, does that clarify? Sorry for not being clear initially.

ebaines · Mar 3, 2009, 03:08 PM

Thanks RP - that makes it clearer. My only experience in this area is in negotiating contracts for my work that require indemnification from our suppliers against things like intellectual property infringement (patent and trademark) and injury or damage due to defective products. I have no experience with insurance in this matter - sorry.

Fr_Chuck · Mar 3, 2009, 03:49 PM

The terms of the poicy will be specificy written into the policy, Also most base policies have to be licensed by the STATE they are written in.

And you need to be more specific on the policies you are discussing

nikosmom · Mar 3, 2009, 04:33 PM

Rita, give us some specifics on what your question/situation is so that we can give you a specific answer. You're talking about a General Commercial Liability policy? Typically that gives you liability protection only; you would need to purchase a separate policy for your tools/materials , merchandise and for the building structure where these things are housed. In generic terms, you're protected up to the policy limits, in the event someone finds you negligent and decides to sue you. So this is going to be in case someone is hurt while on your business premises or if they are hurt by something you've done while servicing them. This type of insurance is, as its name implies, GENERAL.