AAIS COVERAGE FORM
Summary: In 2011, the American Association of Insurance Services (AAIS) released a revised commercial excess and umbrella policy, CU 0001 (09 10 edition) that replaced the previous excess and umbrella policy form (UM 0200 04 00). Like the previous form, the new policy form provides excess coverage for damage and injuries covered by underlying insurance, as well as umbrella coverage that applies in excess of a retained limit for a limited range of exposures that may not be covered by underlying insurance.
While CU 0001 essentially provides the same coverage as UM 200, the new form contains language that specifically addresses how coverage applies if underlying insurance is written on a claims-made basis or other than a claims-made basis. Presumably, this clarification was meant to address any potential ambiguities that might have existed with the prior form's language.
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Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.