Personal Umbrella Liability

Question 1

What are the main things an umbrella is needed for?

Answer 1

Asset Protection
Lawsuits in a litigious society
Large Catastrophic Claims

Question 2

What are the two types of coverage on a personal umbrella policy?

Answer 2

To provide excess coverage
To provide broader coverage

Question 3

What are minimum limits on a personal excess policy?

Answer 3

The minimum retained limits before the excess portion kicks in

Question 4

What can an excess policy do if minimum retained limits aren’t met?

Answer 4

Pay as if the underlying was in force
Pay nothing at all

Question 5

What is a self insured retention?

Answer 5

“Deductible” for when an umbrella comes down to be first dollar on something

Question 6

What are the four parts to the insuring agreement of a personal excess policy?

Answer 6

Coverages: Bodily injury, Property Damage, and Personal Injury
Defense Coverage
Additional Coverages
Limit of Liability

Question 7

What is the policy territory for a personal umbrella?

Answer 7

Worldwide (typically)