Transcript:
My name is Angel Canada, and I’m an Underwriter with the Express Hotel Umbrella program here at Distinguished. I’ve been with Distinguished for five years, but I’ve been in the industry for over 18 years, based here in the Dallas-Fort Worth area.
Today, we are going to explore why the schedule of forms and endorsements are required from underlying policies. Let’s dive in.
So, why do we need that schedule? There’s a few key reasons. First, it’s about clarity. The schedule of forms and endorsements tells us exactly what’s included in your underlying coverage—things like terms, conditions, exclusions, and special provisions. That helps us make sure the umbrella policy aligns properly and avoids any gaps or overlaps in coverage.
Second, it helps us assess risk accurately. Those forms and endorsements give us insight into how your primary coverage is structured. If there are exclusions or limitations, we need to know about them so that we can evaluate the risk at the umbrella level appropriately.
Third, it’s often a requirement. Many umbrella policies include a clause that says the underlying coverage needs to meet certain standards. The schedule helps us confirm that everything is in place when we bind the policy.
Finally, it protects our program. This is important to us at Distinguished Programs because our intent is to be excess, not to drop down to provide coverage. We need to review this information to ensure that it fits our appetite.
What happens if something changes after the policy is bound? Great question. If forms or endorsements on your underlying policies change, especially if they reduce coverage or add exclusions, it’s really important to let us know. Most underlying policies include a clause that requires a notification of material changes. That way, we can make sure your umbrella coverage still aligns with your primary coverage.
If we’re not notified, it could create a gap or even affect how the umbrella policy responds in the event of a claim. In some cases, we might need to reassess the risk, adjust the premium, or even issue a midterm endorsement to reflect the changes. It all depends on the nature of the update and how it impacts overall coverage.
Bottom line: keeping us in the loop protects your coverage. So, if anything changes on your underlying policies, just reach out to your broker or to us directly. We’re here to help make sure everything stays aligned and your coverage remains solid.
Thanks so much for watching, and as always, if you have any questions, don’t hesitate to reach out.
About Angel:
Angel Canada, an Underwriter at Distinguished Programs in Dallas-Fort Worth area, brings 18 years of experience in the insurance industry. In the past year alone, she’s reviewed 150 accounts with over 1,000 hotel locations nationwide, highlighting her attention to detail. Angel is also the youngest of seven children.
