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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Personal Umbrella Policy

Personal liability claims occasionally reach catastrophic levels and can exceed the liability limits of a homeowners or auto insurance policy. For example, catastrophic losses can result from a chain-reaction accident on an icy highway where cars collide and several people are killed or injured; a boating accident in which a boat is swamped by another boat and several people are injured or drown; or a defamation-of-character lawsuit by someone who claims that his or her reputation is ruined.

The personal umbrella policy provides protection against a catastrophic lawsuit or judgment. Most insurers write this coverage in amounts ranging from $1 million to $10 million. Coverage is broad and covers catastrophic liability ...

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