Umbrella Policy (Glossary Word)

A liability policy with high limits. Provides coverage for losses above the liability coverage limits of an underlying policy or policies such as homeowners and auto insurance. Coverages are often broader than those underlying policies and vary from insurance company to insurance company. Unlike the underlying policies a deductible, or retention, is usually applied to a loss before a loss payment.

Other users searching for also searched for some of the following glossary words.

Glossary Words

• Renter's Policy
• Condominium Unit Owners Policy
• Underwriting
• Business Owners Policy