Umbrella Insurance Policy
- Umbrella Insurance Policy
- Extra liability insurance coverage that goes beyond the limits of the insured's home, auto or watercraft insurance. It provides an additional layer of security to those who are at risk for being sued for damages to other people's property or injuries caused to others in an accident. It also protects against libel, vandalism, slander and invasion of privacy. An umbrella insurance policy is very helpful when the insurance owner is sued and the dollar limit of the original policy has been exhausted. The added coverage provided by liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk for being sued.
The premium for an umbrella insurance policy may be less expensive if the policy is purchased from the same insurer that provided the original auto, home or watercraft insurance. Depending on the provider, the policyholder who wants to add umbrella insurance policy is required to have a base insurance coverage of $150,000 to $250,000 for auto insurance and $250,000 to $300,000 for homeowners insurance.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
Umbrella insurance — refers to a liability insurance policy that protects the assets and future income of the policyholder above and beyond the standard limits on their primary policies. It is distinguished from excess insurance in that excess coverage goes into… … Wikipedia
umbrella — um·brel·la adj: being or relating to a supplemental insurance policy that extends the coverage of an underlying policy on the same risk an umbrella policy umbrella liability insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Insurance in the United States — refers to the market for risk in the United States of America. Some main features of insurance could be said to be, *the benefit provided by a particular kind of indemnity contract, called an insurance policy; *that is issued by one of several… … Wikipedia
Umbrella Personal Liability Policy — A type of insurance policy that provides excess coverage above and beyond the liability coverage amounts in a standard insurance policy. The umbrella policy provides extra protection in the event that a lawsuit exceeds the basic level of coverage … Investment dictionary
insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… … Universalium
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… … Black's law dictionary
umbrella — umbrellaless, adj. umbrellalike, adj. /um brel euh/, n. 1. a light, small, portable, usually circular cover for protection from rain or sun, consisting of a fabric held on a collapsible frame of thin ribs radiating from the top of a carrying… … Universalium
insurance — n. 1 the act or an instance of insuring. 2 a a sum paid for this; a premium. b a sum paid out as compensation for theft, damage, loss, etc. 3 = insurance policy. 4 a measure taken to provide for a possible contingency (take an umbrella as… … Useful english dictionary
umbrella — um•brel•la [[t]ʌmˈbrɛl ə[/t]] n. pl. las 1) a light, portable, circular cover for protection from inclement weather, consisting of a collapsible, fabric covered frame of thin ribs radiating from the top of a carrying stick or handle 2) zool. Also … From formal English to slang
