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Umbrella Personal Liability Policy

What is '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 in the standard policy.

Explaining 'Umbrella Personal Liability Policy'

An umbrella personal liability policy extends the basic coverage provided in different types of liability coverage, including home, auto, boat and tenant policies. This type of policy provides broad coverage, meaning that some claims that would not be covered by a standard policy may be covered under the umbrella policy. However, an umbrella policy only kicks in once the regular coverage amount is exceeded. Generally, the insured's standard policies must contain minimum levels of liability coverage that are specified by the insurance company in order to add an umbrella policy, and therefore, greater liability coverage.


Further Reading


Quantifying the economic benefits of personal financial planning
papers.ssrn.com [PDF]
… The economics literature offers an established procedure for estimating the value of reducing risk and of … I. Monetary henefit of hypothetical personal liability umbrella policy for $2.000.000 … a measure of risk tolerance, but it is not directly connected to the economic concept of risk …

The Just's Umbrella: Austerity and the Big Society in Coalition policy and beyondThe Just's Umbrella: Austerity and the Big Society in Coalition policy and beyond
journals.sagepub.com [PDF]
… The economics literature offers an established procedure for estimating the value of reducing risk and of … I. Monetary henefit of hypothetical personal liability umbrella policy for $2.000.000 … a measure of risk tolerance, but it is not directly connected to the economic concept of risk …

The finance sector in transition: A motor for economic reform?The finance sector in transition: A motor for economic reform?
www.tandfonline.com [PDF]
… The economics literature offers an established procedure for estimating the value of reducing risk and of … I. Monetary henefit of hypothetical personal liability umbrella policy for $2.000.000 … a measure of risk tolerance, but it is not directly connected to the economic concept of risk …

E. Banks, The Palgrave Macmillan Dictionary of Finance, Investment and Banking© Erik Banks 2010E. Banks, The Palgrave Macmillan Dictionary of Finance, Investment and Banking© Erik Banks 2010
link.springer.com [PDF]
… The economics literature offers an established procedure for estimating the value of reducing risk and of … I. Monetary henefit of hypothetical personal liability umbrella policy for $2.000.000 … a measure of risk tolerance, but it is not directly connected to the economic concept of risk …

Financial literacy: An overview of practice, research, and policyFinancial literacy: An overview of practice, research, and policy
heinonline.org [PDF]
… The economics literature offers an established procedure for estimating the value of reducing risk and of … I. Monetary henefit of hypothetical personal liability umbrella policy for $2.000.000 … a measure of risk tolerance, but it is not directly connected to the economic concept of risk …



Q&A About Umbrella Personal Liability Policy


What is an umbrella personal liability policy?

An umbrella personal liability policy is a type of insurance that provides excess coverage above and beyond the liability coverage amounts in a standard insurance policy.

How can you add an umbrella to your existing insurance plan?

You can add an umbrella to your existing insurance plan if you have minimum levels of liability coverage specified by your insurer.

What does an umbrella personal liability policy provide?

An umbrella personal liability policy provides extra protection in the event that a lawsuit exceeds the basic level of coverage in the standard policy.

What are some claims that may be covered under an umbrella but not under regular plans?

Some claims that may be covered under an umbrella but not under regular plans include libel or slander.

How does an umbrella personal liability policy differ from other policies?

Umbrella policies differ from other policies because they extend the basic coverage provided by different types of liability coverages, including home, auto, boat and tenant policies.