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Characteristics of Umbrella Liability Insurance Situation: J, the risk manager of a shopping mall company, purchased CGL, Commercial Auto, and DO primary policies from insurance company K,. In addition to this, they purchased the following Umbrella Liability policy from insurance company L. Coverage A, is an excess policy for CGL, and Coverage B is an Umbrella policy for Auto and DO. The Self Insured Retention (SIR) is $500,000. Required underlying limits are $1 million, and the limit of liability is $1.5 million per occurrence. Question 1) How much will the Umbrella policy cover for an accident that is not covered due to the unique exclusion of the Auto policy and is worth $2 million? Answer: For accidents that are not covered by underlying policies, a SIR of $500,000 will be applied to cover up to $1.5 million. Question 2) How much will the Umbrella policy cover for an accident worth $1.5 million that is not covered due to the exhaustion of the aggregate limit of the DO policy? An