Umbrella Insurance Research Paper

Umbrella insurance provides policyholders with extra liability protection against major claims and lawsuits that go beyond the limits of what their basic insurance policy covers. This excess liability coverage protects them against bodily injury liability claims, property damage liability claims, legal fees, and other liability claims that you are held legally responsible for payment. The primary purpose of an umbrella policy is to protect assets like a home, cars, investments, bank accounts, collectibles, and future projected income. These assets can be used as a form of payment if a basic policy doesn’t cover the amount of a judgment from a lawsuit.

In addition to covering personal liability, an umbrella policy can also provide coverage