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.
(