What does Personal Umbrella Policy mean? Read on to discover the definition & meaning of the term Personal Umbrella Policy - to help you better understand the language used in insurance policies.
Personal Umbrella Policy
Provides high limits of liability to protect an insured against a catastrophic liability loss. This policy grants liability coverage that stacks on top of the primary liability coverage provided by the insured's homeowners, personal auto, watercraft, and any other scheduled underlying liability policies. It covers bodily injury (BI), property damage (PD), and personal injury (PI), which includes offenses such as libel, slander, false arrest, invasion of privacy, and others. The umbrella policy also fills some gaps in coverage over a specified deductible (often called a retained limit) in the underlying policy.
We hope the you have a better understanding of the meaning of Personal Umbrella Policy.