Umbrella Liability Insurance

Business, Legal & Accounting Glossary

Definition: Umbrella Liability Insurance



Full Definition of Umbrella Liability Insurance


Umbrella liability insurance is coverage for an individual or company protecting them against claims not covered in their primary policies. Basically, umbrella liability insurance is extra liability coverage – it acts as a safeguard. Umbrella liability insurance got its name because it acts as an umbrella, sitting atop your current liability policies. Should you be sued for an amount that exceeds your policy, the umbrella liability insurance will kick in to cover damages. Umbrella liability insurance can usually be coordinated with your homeowner’s and/or auto liability insurance policies; if you get all three from the same company, you may even receive a substantial premium discount. Umbrella liability insurance typically offers extremely broad coverage, but exceptions vary from insurer to insurer.


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https://payrollheaven.com/define/umbrella-liability-insurance/
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Umbrella Liability Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 25, 2020 https://payrollheaven.com/define/umbrella-liability-insurance/.
Chicago Manual of Style (CMS):
Umbrella Liability Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/umbrella-liability-insurance/ (accessed: September 25, 2020).
American Psychological Association (APA):
Umbrella Liability Insurance. PayrollHeaven.com. Retrieved September 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/umbrella-liability-insurance/

Definition Sources


Definitions for Umbrella Liability Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th February, 2020 | 0 Views.