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📄 '''Schedule of underlying insurance''' is a document or exhibit attached to an [[Definition:Umbrella insurance | umbrella]] or [[Definition:Excess insurance | excess liability]] policy that lists the primary and lower-layer [[Definition:Insurance policy | policies]] the insured must maintain as a condition of the overlying coverage. It specifies each required underlying policy by type, [[Definition:Insurance carrier | carrier]], policy number, [[Definition:Coverage limit | limits]], and effective dates, establishing the precise foundation upon which the umbrella or excess layer sits.

🔗 The schedule operates as both a disclosure mechanism and a contractual requirement. The [[Definition:Excess insurance | excess]] or [[Definition:Umbrella insurance | umbrella]] insurer relies on it to confirm that adequate primary coverage is in place beneath its attachment point — a critical underwriting consideration because the excess layer is not designed to respond until the underlying limits are exhausted. If the insured fails to maintain an underlying policy listed on the schedule, or allows its limits to erode below the required threshold, the excess policy may treat the insured as self-insured for that gap, effectively requiring the insured to absorb the difference out of pocket before the excess coverage triggers. [[Definition:Underwriting | Underwriters]] of excess layers carefully review the schedule to ensure no gaps exist in the tower of coverage and that [[Definition:Retained limit | retained limits]] are appropriately structured.

⚠️ Precision in this document carries real financial consequences during a [[Definition:Claim | claim]]. When a loss exceeds the [[Definition:Primary insurance | primary]] layer, the excess carrier consults the schedule of underlying insurance to verify that the primary policy was in force with the stated limits at the time of the occurrence. Discrepancies — such as a lapsed underlying policy or a mid-term reduction in limits — can leave the [[Definition:Policyholder | insured]] exposed to uninsured layers in the coverage tower. [[Definition:Broker | Brokers]] who structure layered programs must coordinate the schedule meticulously at [[Definition:Renewal | renewal]], ensuring every layer aligns in timing, scope, and limits. For complex [[Definition:Commercial insurance | commercial]] risks with multiple underlying lines — [[Definition:General liability insurance | general liability]], [[Definition:Commercial auto insurance | auto liability]], [[Definition:Employers' liability insurance | employers' liability]] — the schedule of underlying insurance is the architectural blueprint that holds the entire program together.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Umbrella insurance]]
* [[Definition:Excess insurance]]
* [[Definition:Primary insurance]]
* [[Definition:Attachment point]]
* [[Definition:Coverage gap]]
* [[Definition:Layered program]]
{{Div col end}}

Definition:Schedule of underlying insurance - Revision history

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