Umbrella Liability
Umbrella liability provides excess liability
protection above and beyond the liability coverage that your auto, home, or
boat policies provide. In the event that a lawsuit exceeds the basic level of
coverage in the standard policy, this type of policy provides additional asset
protection.
Umbrella liability insurance is used in one of
three ways:
(1)
to provide additional limits of protection over the coverage listed in
your underlying policies,
(2) to act as primary coverage if your underlying limits are
exhausted, and
(3)
to provide coverage for some risks, subject to a retention, when primary coverage does not.