umbrella insurance
Extra liability coverage
Umbrella insurance is supplemental liability coverage that kicks in when claims exceed the limits of standard policies like auto or homeowner's insurance.
It provides an extra layer of protection against major lawsuits or catastrophic losses: We bought umbrella insurance after the accident settlement nearly wiped us out.
The metaphor suggests sheltering assets that would otherwise be exposed.
Legal proceedings seeking remedy
- litigationLegal dispute process
- claimsStatements of truth
- negligenceFailure to exercise care
- damagesCompensation for injury
plaintiff · defendant · legal defense · settlement · personal injury · property damage · bodily injury · torts
Identifying and minimizing threats
- asset protectionSecuring owned resources legally
- underwritingRisk evaluation and acceptance
- premiumAdded cost for better
- deductibleOut-of-pocket threshold amount
actuary · exclusions · endorsement · coverage gap · high net worth · real estate holdings · cost-benefit · financial security
One's own legal responsibility
- asset protectionSecuring owned resources legally
- liability limitsMaximum insurer payout amounts
- policy limitsMaximum claim payout allowed
- rental propertyReal estate generating tenant income
lawsuits
Legal proceedings seeking remedy
- litigationLegal dispute process
- claimsStatements of truth
- negligenceFailure to exercise care
damages · plaintiff · defendant · legal defense · settlement · personal injury · property damage · bodily injury · torts · indemnity
risk management
Identifying and minimizing threats
- asset protectionSecuring owned resources legally
- underwritingRisk evaluation and acceptance
- premiumAdded cost for better
deductible · actuary · exclusions · endorsement · coverage gap · high net worth · real estate holdings · cost-benefit · financial security
personal liability
One's own legal responsibility
- asset protectionSecuring owned resources legally
- liability limitsMaximum insurer payout amounts
- policy limitsMaximum claim payout allowed
rental property · slander · libel · false arrest · worldwide coverage
- insurancecoverage, underwriting, premium, claims, policyholder
- liability insuranceliability coverage, general liability, personal liability, professional liability, public liability
- specialty insurance
- Wealth Managementtrusts, wills, estate tax, inheritance, tax planning