Umbrella personal liability policy

Umbrella personal liability policy

A liability insurance policy that provides protection against damages not covered by standard liability policies, such as large jury awards in lawsuits.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Umbrella Personal Liability Policy

An insurance policy that guards the policyholder from unusual legal expenses from a lawsuit that other liability policies do not cover. This includes both attorneys' fees and damages that the policyholder must pay. Umbrella personal liability policies cover extraordinarily large jury awards or other highly unusual expenses. Premiums on liability insurance are sometimes considered prohibitively expensive, depending on the policyholder's profession.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved