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CandleFocus Glossary Editor
Umbrella Personal Liability Policy is an essential coverage that provides the policyholder with an additional layer of financial protection against potentially costly liability lawsuits. This policy offers coverage for the policyholder above and beyond the limits of their basic home and auto insurance policies.
Umbrella Personal Liability Policies may cover the policyholder for a variety of personal liability exposures such as: personal injury, financial loss, libel and slander, intentional acts, and property damage. It helps to provide a higher limit of coverage and broader scope of protection than your basic auto, homeowners, or renter’s insurance policy.
Umbrella liability policies offer policyholders financial protection if they are found liable and found at fault for a personal liability loss or injury caused by an act of negligence or intentional harm to someone else’s person or property. The policy will provide the policyholder with coverage above the limits of their home or auto policy, up to and including the policy’s specific limits. The policy typically pays the costs to defend, settle, and/or pay a judgement or settlement plus any costs associated with an award.
A policy like this is especially important for those with significant financial assets that may be exposed to a lawsuit because of something they are responsible for or partially responsible for. If a lawsuit is brought against the policyholder and damages are awarded, the policyholder will be covered for anything over and above the limits of their existing auto or home policy.
Umbrella personal liability policies provide additional coverage to those who may have limited coverage in their existing auto or home policy. It is important to remember that these policies will not cover all risks and one should consult a qualified insurance agent or lawyer to determine what type of coverage they may need. Furthermore, policyholders should review their umbrella policy on an annual basis to ensure that coverage limits and exclusions are kept up to date.
Umbrella Personal Liability Policies may cover the policyholder for a variety of personal liability exposures such as: personal injury, financial loss, libel and slander, intentional acts, and property damage. It helps to provide a higher limit of coverage and broader scope of protection than your basic auto, homeowners, or renter’s insurance policy.
Umbrella liability policies offer policyholders financial protection if they are found liable and found at fault for a personal liability loss or injury caused by an act of negligence or intentional harm to someone else’s person or property. The policy will provide the policyholder with coverage above the limits of their home or auto policy, up to and including the policy’s specific limits. The policy typically pays the costs to defend, settle, and/or pay a judgement or settlement plus any costs associated with an award.
A policy like this is especially important for those with significant financial assets that may be exposed to a lawsuit because of something they are responsible for or partially responsible for. If a lawsuit is brought against the policyholder and damages are awarded, the policyholder will be covered for anything over and above the limits of their existing auto or home policy.
Umbrella personal liability policies provide additional coverage to those who may have limited coverage in their existing auto or home policy. It is important to remember that these policies will not cover all risks and one should consult a qualified insurance agent or lawyer to determine what type of coverage they may need. Furthermore, policyholders should review their umbrella policy on an annual basis to ensure that coverage limits and exclusions are kept up to date.