GEICO | About Umbrella Insurance ~ Learn about an umbrella policy

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why umbrella insurance


Umbrella insurance - Wikipedia, the free encyclopedia

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** Umbrella insurance **

From Wikipedia, the free encyclopedia
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*Umbrella insurance* refers to liability insurance that is in excess of
specified other policies and also potentially primary insurance for losses
not covered by the other policies.

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 (up to the limit of the umbrella policy).

Excess insurance is similar in that it pays after an underlying primary
policy is exhausted, but is different in that it 1) normally applies to
only one underlying primary policy and 2) covers only those losses that are
covered (up to policy limits) by that primary policy. ^[1] For example, if
the primary policy does not cover liability due to pollution, the excess
policy does not either. But an umbrella policy may cover pollution
liability from the first dollar in addition to liability of other kinds
that is simply beyond the primary policy's limit. The policy is said to
"drop down" to cover the pollution liability as primary insurance and fill
in the gaps in the underlying policies.

The "umbrella" nomenclature is a reference to the broad coverage of the
policy.

Personal umbrella policies are typically made excess of a person's
homeowner's and automobile insurance. A commercial umbrella policy may be
based on a commercial general liability (CGL) primary policy.

Examples of liability that an umbrella policy may cover that a homeowner's
policy often excludes include:

· False arrest
· Libel
· Slander
· Invasion of privacy

*Citations[edit]*

1. *^* /Powerine Oil Co., Inc. v. Superior Court/, 37 Cal. 4th 377 (2005).

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Source: en.wikipedia.org/wiki/Umbrella_insurance

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