Umbrella Personal Liability Policy
Liability insurance policy providing excess coverage beyond regular liability policies. For example, typical homeowner's policies offer $300,000 in liability coverage against lawsuits and other negligence claims. An umbrella policy may provide $1 million in liability coverage. An umbrella policy will begin to pay claims only after the underlying liability policy's coverage limits have been exceeded. People usually buy umbrella policies to protect themselves against the possibility of a large jury award in a lawsuit. An umbrella policy also protects in situations not covered by a standard liability policy found in homeowner's and automobile insurance, like slander and libel. An umbrella policy also links policies, raising the limits on underlying policies in a cost-effective manner.
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