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Lasiolo Company purchased a commercial umbrella policy with a $10 million limit and a $100,000 self-insured retention. The insurer required Lasiolo Company to carry a
Lasiolo Company purchased a commercial umbrella policy with a $10 million limit and a $100,000 self-insured retention. The insurer required Lasiolo Company to carry a $1 million per-occurrence limit on its general liability policy and a $1 million per-occurrence limit on its business auto policy. Lasiolo purchased these required limits. A Lasiolo driver was negligent while operating a company vehicle and killed another motorist. The court ruled that Jenkins must pay $5 million. How much of this amount will be paid by the umbrella policy?
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