Umbrella policy

Umbrella policy

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

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.
References in periodicals archive ?
Setting aside the umbrella policy, let's look at a few items in the excess policy to find out why it's different.
Or, using baseball as our sports analogy, the business liability policy would be the starter and the umbrella policy would be the closer.
In more specific terms, here's how an umbrella policy works: when an insured is liable to someone, the insured's primary insurance policies pay up to their limits and any additional amount is paid by the umbrella policy.
Where a plaintiff sought a declaratory judgment on his claim that the defendant insurance company was bound to provide uninsured or underinsured motorist coverage under an umbrella policy issued to his employer, that request was properly denied based on the employer's rejection of uninsured motorist coverage.
After Cantor prepared a lawsuit and threatened bad faith, the insurer paid its policy limits on its $250/$500 bodily injury liability coverage, and on a $1 million umbrella policy, exhausting the coverage for the incident.
An umbrella policy can protect consumers from losses that may not be covered by their other insurance policy.
The Umbrella Policies provide that Hartford will indemnify the City "for ultimate net loss in excess of the underlying limit or the [SIR], whichever is the greater...." The Umbrella Policies define "underlying limit" as the "limits of liability of the underlying insurance...." Each Umbrella Policy's Schedule of Underlying Policies lists an Excess Policy and states that the Excess Policy's limit of liability is $500,000 in excess of the $500,000 SIR.
This is a historic decision." The new umbrella policy 'Pradhan Mantri Annadata Aay SanraksHan Abhiyan' (PM-AASHA) was approved in the Cabinet meeting, headed by Prime Minister Narendra Modi, held here.
and Karl Kunstman, Ixthus' principal (collectively, Ixthus) under a commercial general liability (CGL) policy and a commercial umbrella policy. The sole question on appeal is whether the policies' knowing violation exclusion applies and relieves West Bend of its duty to defend Ixthus in connection with a trademark/trade dress infringement case Abbott Laboratories and two of its affiliates (collectively, Abbott) filed against Ixthus in federal court in New York.
If necessary, the umbrella policy would pay obligations beyond the upper limits of auto or homeowner's liability coverage.
ACE declined coverage under Comforce's umbrella policy, in part, on the grounds that the claims were excluded from coverage.
The revised policy is intended to be a single umbrella policy under which more detailed Service policies or guidance documents covering specific activities may be issued in the future.