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Definitions for: umbrella liability insurance
umbrella liability insurance

excess liability coverage above the limits of a basic business liability insurance policy such as the owners, landlords, and tenants liability policy. For example, if a basic policy has a limit of $500,000, and it is exhausted by claims, the umbrella will pay the excess above $500,000 up to the limit of the umbrella policy, which may be as high as $10,000,000, $25,000,000 or more. The umbrella policy also fills gaps in coverage under basic liability policies.

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Industry Associations

Industry Associations
Liability Insurance Research Bureau
Represents insurance companies, stock companies, mutuals, and reciprocals. Strives to achieve and maintain competence among those representing member insurers in insurance adjustment claims, reduce legal and training costs, and promote ...

Founded: 1990