Umbrella Policy

Umbrella policy

Insurance for exports of an exporter whose issuer handles all administrative requirements.

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Umbrella Policy

An insurance policy that covers the policyholder for all claims that his/her other insurance policies do not cover. For example, if a health insurance policy only covers an individual up to $1 million, an umbrella policy would pay for all claims above that. Likewise, if an export insurance policy covers loss but not damage to the exports, an umbrella policy would cover damage. Umbrella policies exist to cover all possible contingencies for the policyholder that are not covered under other policies.