Is a primary residence required to bind a policy?
Yes, all Monoline Personal Umbrella policies require a primary residence to be the anchor of the policy. You cannot bind a standalone umbrella policy for an automobile, watercraft, or recreational vehicle unless the underlying personal liability (CPL) for a primary residence is also included.
What are the Primary Carrier Rating & Status requirements?
To be eligible, the carrier providing the underlying primary insurance must be on our Approved Carrier List.
What are the minimum underlying liability limits required?
To be eligible for coverage, the underlying primary policies must meet specific minimum limits across all exposures.
Personal Liability (Homeowners/Renters/Condo):
$300k Comprehensive Personal Liability (CPL).
Automobile Liability:
$300k Combined Single Limit (CSL).
Note for Texas: The minimum CSL in Texas is $325k.
OR Split Limits of $250k/$500k/$100k.
Please note that we do NOT sit over carriers who are not AM Best Rated B+ or better
Uninsured/Underinsured Motorist (UM/UIM):
Minimum split limits of $250k/$500k/$100k (or $300k CSL).
How do Combined Single Limits (CSL) correspond to Split Limits?
For Vehicles (automobiles and motorcycles), use the following guide when matching your client's underlying declarations to Monoline requirements:
Minimum Qualifying Limits ($300k CSL):
Corresponds to Split Limits of $250k/$500k/$100k or $300k CSL. Both options meet the minimum program eligibility.
Higher Limit ($500k CSL):
Corresponds to Split Limits of $500k/$500k/$100k or Higher. These limits qualify the risk for the "Higher Limit" rating tier.
Do Uninsured/Underinsured Motorist (UM/UIM) limits need to match the Auto Liability limits?
No, the UM/UIM limits do not strictly need to match the Bodily Injury liability limits, provided they meet the program minimums.
The minimum underlying requirement for UM/UIM is $250k/$500k split limits (or $300k CSL).
Example: A client may carry $500k Liability (qualifying for the Higher Tier) but only maintain minimum UM/UIM limits. This is acceptable as long as the minimums are met.
Are there specific exclusions for Watercraft or Recreational Vehicles?
Requirement: All Watercraft, Golf Carts, ATVs, Jet Skis, and Recreational Vehicles require a $300k minimum primary liability limit (or $250k/$500k/$100k splits) for each exposure.
Even if the underlying limit requirements are met, the following risks are ineligible for coverage:
Watercraft: Vessels over 50 feet in length, vessels with a maximum speed of 60 MPH or greater, or vessels carrying passengers/cargo for a fee .
Recreational Vehicles: Unlicensed vehicles with speeds greater than 60 MPH, or any three-wheeled ATVs