Supplemental Liability Insurance
Broad excess protection for liability over the level of primary coverage or self insurance. Umbrella policies are written for both business and personal liability. For example, a personal umbrella policy might add $1 million in liability coverage for an insured's negligent use of a car, boat, and all other property, over and above regular coverage. For a business, its applications would be even broader, including workers compensation, general liability, and all other coverage. Policyholders must have a certain minimum level of primary insurance before they can buy this supplemental coverage. For a personal policy the minimum might be $100,000 in homeowners liability insurance and $500,000 per accident for bodily injury in an auto policy.
Popular Insurance Terms
Provision in an insurance policy that permits an insured to cancel the policy and recoup the excess of the paid premiums above the customary short rate for the expired time. The clause also ...
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Cost of doing business, not including pure expectation of loss. ...
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One of four SEC divisions that administers the procedure through which public companies must disclose all relevant material in order that a potential investor might make an informed ...
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