Term used mainly in the US market describing a liability policy where the limits of liability are in excess of the amount covered under a primary policy. It can also fill in gaps in cover such as a Difference in Conditions/Difference in Limits policy in the UK market.
A form of insurance protection that provides additional liability coverage after the limits of your underlying policy are reached. An umbrella liability policy also protects you (the insured) in many situations not covered by the usual liability policies.
A form of "catastrophe" liability coverage usually issued in $ 1 million dollar increments, intended to protect policyholders against high damage awards in excess of the Limit provided by a basic, or primary, policy such as Automobile Liability Insurance and General Liability Insurance. Insurance Companies issuing Umbrella Liability policies require policyholders to maintain certain minimum amounts of basic, or underlying, insurance which must be exhausted in the payment of a claim before the Umbrella policy can be called upon. The underlying insurance can usually be provided by a different carrier than the one issuing the Umbrella policy.
provides a very broad form of public liability insurance in two ways. It first acts as excess liability providing protection in excess of the primary liability policies, such as Comprehensive General Liability and Automobile Liability and secondly, defined liability areas not covered by the primary liability policies. It is important to realize that certain types of liability risks are not normally insured under an umbrella policy such as Director's and Office's Liability, Professional Liability, etc. BACK TO THE TOP
A liability contract with high limits covering over top of primary liability coverages and, subject to a self-insured retention (deductible), covering exposures otherwise uninsured.
A liability insurance policy usually basically affording a high limit excess coverage by frequently extending to pick up many forms of coverage that may be missed between the prime policy companies.
Coverage above the standard liability level.
This insures losses in excess of amounts covered by other liability insurance policies.
This is a form of excess insurance (over primary liability policies) but it also serves to fill gaps in coverage under the basic primary policies.
If your auto and home are insured with the same carrier, you probably can get supplemental liability coverage from your insurer. This is generally a very good and affordable idea, but only if you have underlying wealth that needs to be shielded from lawsuits. By insuring your car and home, it is cost-effective for your insurer to extend bigger-dollar liability coverage to both areas (hence the "umbrella" concept). If, for example, you have 100/300 auto liability ($100,000 liability for each person insured in an accident; $300,000 total liability for the accident) and $100,000 liability on your homeowner's insurance, you can extend this to $1 million for a few hundred bucks a year. nderwriter: (1) A company that receives the premiums and accepts responsibility for the fulfillment of the policy contract(2) The company employee who decides whether or not the company should assume a particular risk.
Coverage Supplemental liability insurance, providing increased protection against lawsuits or other losses for which you are legally responsible.
