Umbrella Liability Coverage — Executive Shield¶

Policy Form No. APX-UL-2025-003 | Edition Date: September 2025 | Apex Financial Partners Insurance Company

This Policy is a legal contract between the Named Insured and Apex Financial Partners Insurance Company. Read all provisions carefully and consult your Apex Private Client advisor with any questions.

Policy Overview¶

The Apex Executive Shield Umbrella Liability Policy ("Policy") is a personal excess liability insurance contract providing catastrophic liability protection for high-net-worth individuals, corporate executives, board members, and their families. This Policy is issued by Apex Financial Partners Insurance Company ("the Company," "We," "Us," or "Our"), domiciled in the State of Delaware.

In the event of a covered Occurrence resulting in Bodily Injury or Property Damage for which the Named Insured becomes legally obligated to pay damages, this Policy shall pay the excess of the applicable Underlying Insurance limits, up to the limit of liability shown on the Declarations Page. This Policy also provides certain drop-down coverage in the event Underlying Insurance limits are exhausted by prior claims or where the Underlying Insurance does not cover a particular loss that is covered under this Policy.

The Executive Shield program is available with limits of liability ranging from $5,000,000 to $50,000,000 per Occurrence and in the aggregate per annual policy period. The Policy covers the Named Insured, their spouse or domestic partner, and all relatives residing in the Named Insured's household, as well as any person under the age of 26 who is a full-time student and a dependent of the Named Insured.

This Policy provides worldwide coverage for Personal Injury, Bodily Injury, and Property Damage liability arising from the Named Insured's personal activities, premises, automobiles, watercraft, recreational vehicles, and certain professional board service activities, subject to the exclusions and conditions set forth herein.

Definitions¶

The following defined terms apply throughout this Policy and all attached endorsements and schedules. Where a defined term is used in the singular, it shall include the plural, and vice versa, as the context may require.

"Named Insured" means the person identified on the Declarations Page, and includes such person's spouse or domestic partner who resides in the same household. For purposes of this Policy, the Named Insured and spouse/domestic partner are jointly and severally insured.

"Insured Person" means (a) the Named Insured; (b) relatives of the Named Insured who reside in the Named Insured's household; (c) any person under age 26 who is a full-time student and financial dependent of the Named Insured; (d) any person or organization with respect to their legal responsibility for the acts or omissions of any Insured Person described above.

"Underlying Insurance" means the policies of insurance listed on the Schedule of Underlying Insurance attached to this Policy, which must be maintained in full force and effect as a condition of this Policy. Minimum underlying limits are specified in the Schedule.

"Occurrence" means an accident, event, or continuous or repeated exposure to substantially the same general harmful conditions that results in Bodily Injury, Property Damage, or Personal Injury during the policy period. All Bodily Injury, Property Damage, or Personal Injury arising out of the same or related acts, events, or conditions shall be deemed one Occurrence.

"Bodily Injury" means physical injury, sickness, disease, disability, or death of any person, and includes mental anguish, emotional distress, humiliation, or shock arising therefrom.

"Property Damage" means (a) physical injury to or destruction of tangible property, including loss of use thereof; or (b) loss of use of tangible property that has not been physically injured or destroyed, provided such loss of use is caused by an Occurrence.

"Personal Injury" means injury arising out of one or more of the following: (a) false arrest, wrongful detention, or imprisonment; (b) malicious prosecution; (c) wrongful entry or eviction; (d) libel, slander, defamation of character, or invasion of privacy; (e) humiliation or discrimination (but only if not related to employment by the Named Insured).

"Self-Insured Retention" means the amount stated on the Declarations Page that the Named Insured must pay out of pocket for a covered loss that is not covered by Underlying Insurance. The standard Self-Insured Retention under this Policy is $10,000 per Occurrence.

"Ultimate Net Loss" means the total sum that the Insured Person becomes legally obligated to pay as damages, including defense costs, judgment interest, and costs taxed against the Insured Person in any suit, less amounts recovered from Underlying Insurance.

"Defense Costs" means all reasonable and necessary legal fees, court costs, expert witness fees, and investigation expenses incurred in the defense of any claim or suit to which this Policy applies. Under this Policy, Defense Costs are payable in addition to the limit of liability and do not erode the Policy limit.

Coverage Details¶

Excess Liability Coverage¶

The Company shall pay on behalf of the Insured Person the Ultimate Net Loss in excess of the applicable Underlying Insurance limits resulting from a covered Occurrence, up to the limit of liability shown on the Declarations Page. This Policy applies excess over the following minimum Underlying Insurance requirements:

Underlying Policy Type	Minimum Required Limit
Personal Auto Liability	$500,000 CSL or $250,000/$500,000/$100,000
Homeowners Personal Liability	$500,000 per Occurrence
Watercraft Liability	$500,000 per Occurrence
Recreational Vehicle Liability	$500,000 per Occurrence
Employer's Liability (Domestic Staff)	$500,000 per Occurrence

Drop-Down Coverage¶

In the event the Underlying Insurance is exhausted by prior losses during the policy period, this Policy shall drop down and provide coverage from the first dollar above the Self-Insured Retention. Additionally, this Policy shall drop down to provide coverage above the Self-Insured Retention for covered Occurrences that are not covered by any Underlying Insurance, provided the Occurrence is not excluded under this Policy.

Defense Costs¶

The Company shall have the right and duty to defend any claim or suit against the Insured Person to which this Policy applies, even if any of the allegations of the suit are groundless, false, or fraudulent. Defense costs are payable in addition to the Policy limit and do not reduce the available limit of liability. The Company shall select defense counsel, although the Named Insured may request the appointment of specific counsel, subject to the Company's approval, which shall not be unreasonably withheld.

Personal Injury Coverage¶

This Policy extends to Personal Injury liability, including claims for libel, slander, defamation, false arrest, wrongful eviction, invasion of privacy, and humiliation, subject to the Self-Insured Retention. This coverage applies worldwide.

Coverage Limits & Deductibles¶

Coverage Component	Limit	Self-Insured Retention
Per Occurrence Limit	$5,000,000 – $50,000,000 (as selected)	$10,000 standard
Annual Aggregate Limit	Equal to Per Occurrence Limit	N/A
Defense Costs	Unlimited (in addition to Policy limit)	None
Personal Injury	Included in Per Occurrence Limit	$10,000
Drop-Down Coverage	Up to Per Occurrence Limit	$10,000
Worldwide Coverage	Included	N/A
Board of Directors Liability	$2,000,000 sub-limit	$25,000
Uninsured/Underinsured Motorist	$1,000,000 (where permitted by law)	None

Selected Policy Limit	Approximate Annual Premium
$5,000,000	$1,500 – $3,200
$10,000,000	$2,800 – $5,500
$25,000,000	$6,200 – $12,000
$50,000,000	$11,500 – $22,000

Premiums are based on the Named Insured's risk profile, including number of residences, vehicles, watercraft, domestic employees, and claims history.

Exclusions¶

This Policy shall not apply to any claim, suit, loss, or liability arising out of, resulting from, or in any way related to the following:

Business and Professional Activities. Bodily Injury, Property Damage, or Personal Injury arising out of the conduct of any business, profession, or occupation of any Insured Person, except for personal liability arising from volunteer activities for non-profit organizations and unpaid service on corporate boards of directors (subject to the Board of Directors sub-limit).
Workers' Compensation. Any obligation of the Insured Person under any workers' compensation, disability benefits, unemployment compensation, or similar law.
Contractual Liability. Liability assumed by the Insured Person under any contract or agreement, except for liability that the Insured Person would have in the absence of such contract or agreement, and except for written contracts relating to the Named Insured's personal premises.
Intentional Acts. Bodily Injury, Property Damage, or Personal Injury that is expected or intended from the standpoint of any Insured Person, or that results from the willful and malicious acts of any Insured Person. This exclusion does not apply to other Insured Persons who did not participate in, direct, or have knowledge of the intentional act.
Sexual Misconduct. Bodily Injury or Personal Injury arising out of sexual molestation, sexual harassment, sexual abuse, or any other sexual misconduct, whether actual, alleged, or threatened.
Communicable Disease. Bodily Injury arising from the actual or alleged transmission of any communicable disease by any Insured Person.
Aircraft Liability. Bodily Injury or Property Damage arising out of the ownership, maintenance, operation, use, loading, or unloading of any aircraft owned, leased, chartered, or operated by any Insured Person. This exclusion does not apply to liability arising from the Insured Person's status as a passenger on a commercial aircraft.
Pollution Liability. Bodily Injury or Property Damage arising out of the actual, alleged, or threatened discharge, dispersal, release, or escape of pollutants from any premises owned, rented, occupied, or controlled by any Insured Person, or from any vehicle, watercraft, or equipment owned or operated by any Insured Person.
Nuclear and Radiological Hazard. Bodily Injury, Property Damage, or Personal Injury arising out of nuclear reaction, nuclear radiation, or radioactive contamination, whether controlled or uncontrolled.
War, Terrorism, and Cyber. Loss arising from war (declared or undeclared), terrorism, cyber attacks, or data breach events, unless specifically covered by endorsement.

Conditions & Warranties¶

Maintenance of Underlying Insurance¶

As a condition of this Policy, the Named Insured shall maintain in full force and effect all Underlying Insurance policies listed on the Schedule of Underlying Insurance at the limits shown therein. If the Named Insured fails to maintain Underlying Insurance, the Company shall not be liable for any amount that would have been payable under the Underlying Insurance had it been maintained.

Duties After an Occurrence¶

In the event of an Occurrence that may give rise to a claim under this Policy, the Named Insured shall: (a) promptly notify the Company; (b) cooperate fully with the Company in the investigation, defense, and settlement of any claim; (c) forward to the Company every demand, notice, summons, or legal process received; (d) not make any payment, assume any obligation, or incur any expense without the Company's prior written consent, except at the Named Insured's own cost; and (e) submit to examination under oath as the Company may reasonably require.

Examination Under Oath¶

The Company reserves the right to require any Insured Person to submit to examination under oath with respect to any matter relating to this Policy or any claim thereunder, at such times and places as the Company may designate. The Insured Person's failure to submit to such examination shall constitute a material breach of this Policy.

Suit Against the Company¶

No action shall lie against the Company until the Insured Person has fully complied with all terms of this Policy, including cooperation and examination under oath. No person or organization shall have any right under this Policy to join the Company as a party to any suit against the Insured Person unless the amount of the Insured Person's obligation has been finally determined by judgment after actual trial.

Subrogation¶

In the event of any payment under this Policy, the Company shall be subrogated to all of the Insured Person's rights of recovery against any person or organization, and the Insured Person shall execute and deliver instruments and papers and do whatever is necessary to secure such rights. The Insured Person shall do nothing after a loss to prejudice such rights.

Liberalization¶

If the Company broadens coverage under this Policy form without additional premium, the broadened coverage shall automatically apply to this Policy.

Claims Process¶

Immediate Notification. Report any Occurrence or claim to Apex Executive Shield Claims at 1-800-555-APEX (2739). Notification should be made as soon as practicable, but in no event later than thirty (30) days after the Named Insured becomes aware of the Occurrence or claim.
Forward Legal Documents (Immediately Upon Receipt). Forward all demands, notices, summonses, complaints, and other legal process to the Company immediately upon receipt. Do not respond to or acknowledge any legal process without first consulting the Company.
Claims Coordinator Assignment (Within 24 Hours). The Company shall assign a dedicated Executive Shield claims coordinator within twenty-four (24) hours of receiving notification. The claims coordinator will serve as the Named Insured's single point of contact.
Investigation (Within 14 Business Days). The Company shall initiate an investigation within fourteen (14) business days, including review of the Underlying Insurance, the circumstances of the Occurrence, and the potential exposure.
Defense Counsel Engagement. If the claim exceeds or is reasonably expected to exceed Underlying Insurance limits, the Company shall engage defense counsel. The Named Insured may request specific counsel, subject to the Company's approval.
Settlement or Resolution. The Company shall keep the Named Insured informed of the progress of any claim or suit. The Company shall not settle any claim without the Named Insured's consent if the settlement amount exceeds $250,000, although such consent shall not be unreasonably withheld.
Payment. Upon final resolution or judgment, the Company shall pay the covered amount within fifteen (15) business days.

Waiting Periods & Effective Dates¶

This Policy shall take effect at 12:01 A.M. standard time on the inception date shown on the Declarations Page. Coverage is effective immediately upon the inception date with no waiting period or elimination period.

This Policy applies only to Occurrences that take place during the policy period (inception date to expiration date). The policy period is twelve (12) months unless otherwise stated on the Declarations Page. Claims arising from Occurrences that took place before the inception date are not covered unless the Named Insured had no knowledge of such Occurrence prior to inception and prior acts coverage is specifically provided by endorsement.

Newly acquired automobiles, watercraft, and residences are automatically covered for up to sixty (60) days from the date of acquisition, after which the Named Insured must notify the Company and update Underlying Insurance accordingly.

Cancellation & Non-Renewal Terms¶

Cancellation by the Named Insured¶

The Named Insured may cancel this Policy at any time by providing written notice to the Company. Cancellation shall be effective on the date stated in the notice. The Company shall refund the unearned premium on a pro-rata basis within thirty (30) days.

Cancellation by the Company¶

The Company may cancel this Policy by providing written notice to the Named Insured at least: (a) ten (10) days before the effective date of cancellation for non-payment of premium; or (b) sixty (60) days before the effective date of cancellation for all other reasons. Upon cancellation by the Company, the unearned premium shall be refunded on a pro-rata basis.

Non-Renewal¶

The Company shall provide written notice of non-renewal at least ninety (90) days before the expiration date of the Policy, stating the reason for non-renewal. The Named Insured may request a review of the non-renewal decision by contacting the Apex Private Client management team.

Premium Payment Terms¶

The annual premium is shown on the Declarations Page and is due in full at inception unless the Named Insured has elected an installment payment plan. Available payment frequencies are annual, semi-annual, and quarterly, with modal loading factors of 0% (annual), 3% (semi-annual), and 5% (quarterly).

A Grace Period of twenty (20) days is allowed for each premium installment after the first. Coverage remains in force during the Grace Period, but if the Insured Person incurs a loss during the Grace Period, any unpaid premium shall be deducted from the loss payment. If premium is not received by the end of the Grace Period, the Company may cancel this Policy in accordance with the cancellation provisions.

Reinstatement¶

If this Policy is cancelled for non-payment of premium, the Named Insured may apply for reinstatement within sixty (60) days of the cancellation date. Reinstatement is at the sole discretion of the Company and requires payment of all overdue premiums and a completed reinstatement application.

Endorsements & Riders¶

The following endorsements may be added to the Executive Shield Policy for additional premium:

Employment Practices Liability Endorsement — Covers claims by domestic employees alleging wrongful termination, discrimination, or harassment. Limit: $1,000,000. Annual premium: $350 – $750.
Non-Profit Board of Directors Extension — Extends the Board of Directors sub-limit to $5,000,000 and broadens coverage to include fiduciary liability. Annual premium: $500 – $1,200.
Aviation Liability Endorsement — Provides excess liability coverage for Named Insured who hold a valid FAA pilot certificate. Limits from $1,000,000 to $5,000,000. Annual premium: $1,500 – $5,000.
Worldwide Kidnap & Ransom Extension — Provides crisis response and ransom reimbursement coverage. Limit: $1,000,000. Annual premium: $800 – $2,000.
Cyber Liability Extension — Covers personal cyber liability including social media defamation, cyber bullying defense, and identity theft. Limit: $500,000. Annual premium: $200 – $600.
Prior Acts Coverage — Extends coverage to Occurrences that took place prior to the inception date, subject to a retroactive date. Annual premium: varies based on retroactive date selected.

Regulatory Information¶

Apex Financial Partners Insurance Company is domiciled in Delaware and licensed in all 50 states, the District of Columbia, and the U.S. Virgin Islands. NAIC Company Code: 99201. AM Best Rating: A+ (Superior), Financial Size Category XV.

For questions, concerns, or complaints about this Policy, contact Apex Executive Shield Services at 1-800-555-APEX (2739) or write to: Apex Financial Partners Insurance Company, Attn: Executive Shield Division, 200 Summit Avenue, Suite 3200, Wilmington, DE 19801.

If you are not satisfied with the Company's response, you may contact your state's Department of Insurance:

Delaware Department of Insurance: 1351 W. North Street, Suite 101, Dover, DE 19904 | Phone: (302) 674-7300 | Website: insurance.delaware.gov

The Company participates in all applicable state insurance guaranty associations, subject to the terms and limitations of the applicable state guaranty association act. Guaranty association protection is not a substitute for the financial strength of the insurer.

This Policy has been filed with and approved by the Delaware Department of Insurance and applicable regulatory authorities. Provisions may be modified by state-specific endorsements where required by law.

Apex Financial Partners Insurance Company | 200 Summit Avenue, Suite 3200 | Wilmington, DE 19801 | NAIC #99201

Umbrella Liability Coverage — Executive Shield