Umbrella Insurance
Definition
- A type of insurance that provides coverage for multiple different types of property within a single insurance policy. Homeowner's insurance is an example of an umbrella insurance policy; homeowners insurance covers damages to both the home and the contents of the home. Also known as an "umbrella policy," "blanket policy," or "blanket insurance."
Synonyms
blanket insurance, insurance policy, wide coverage, umbrella policy, extra coverage, blanket policy
Related Terms and Acronyms
- Blanket Insurance — Definition,
- A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
- Broad Form Insurance — Definition,
- Insurance that covers rare events not normally covered in an existing insurance policy.
- Commercial Blanket Bond — Definition,
- Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
- Commercial Multiple Peril Insurance — Definition,
- Insurance policies that provide businesses coverage for more than one named peril.
- Floater Insurance — Definition,
- Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Multiline Insurance Policy — Definition,
- A combination of different insurance policies that are rolled into a single insurance policy.
- Named Perils Insurance Policy — Definition,
- Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
