ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Additional Insureds and Commercial Umbrella Insurance Dealing If the primary policy has additional insured’s, they will carry over into the umbrella policy.

Detailed explanation-2: -What is umbrella insurance? Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations.

Detailed explanation-3: -The amount of your umbrella insurance policy should match your entire net worth. So if your assets stand at $1 million, bingo. That’s how much umbrella insurance you need.

Detailed explanation-4: -Umbrella insurance provides additional liability coverage-over and above the limits on your auto and other personal liability policies. This extra protection is available in $1 million increments up to $10 million.