An Umbrella Policy is extra coverage that provides protection beyond existing limits and coverage of other policies. Most commonly found umbrella policies are for commercial and corporate entities, however, some individuals also carry umbrella policies to protect their personal assets.
How does it work? If the damages caused by a policyholder’s liability exceeds their primary policy limits of their insurance coverage, their umbrella coverage would then be activated to cover those additional damages. Most umbrella policies not only cover the owner, but also other members of the household against lawsuits involving, personal injury to others, damage to other people’s property, and a variety of claims.
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