Umbrella liability

Lawsuit. In today s lawsuit-prone society, sufficient liability insurance is a must. To protect your assets and your future, buy an umbrella liability policy. This policy kicks in after your car or homeowner s liability limits are exhausted. Premiums are quite reasonable. 

Umbrella liability A form of insurance protection in excess of the amount covered by other liability insurance policies. It also protects the insured in situations not covered by the usual liability policies. 

It is possible that a lawsuit filed against a pharmacy could exceed the limits of the primary liability protection. For instance, a pharmacy s base liability policy may provide a maximum of 300,000 of coverage, but the pharmacy experiences a lawsuit in which the settlement or judgment reaches 1 million. The umbrella policy would cover the difference between the base liability limits and the judgment amount. An umbrella policy is activated only when the limits of the underlying base policy have been exceeded and exhausted. Umbrella liability policies can add substantial coverage for a relatively small additional cost. 

The components of this package most adversely affected by the insurance crisis are the liability, umbrella and directors and officers coverage. 

The American Tort Reform Association (ATRA), an umbrella group heavily funded by the tobacco industry, coordinated the business community s lobbying efforts at the federal level and provided resources to more than forty affiliated state organizations. A separate entity, called the Product Liability Coordinating Committee (PLCC), purported to represent more than 700,000 companies and small business organizations, but its primary supporters were the U.S. Chamber of Commerce, the Business Roundtable, and the National Association... 

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