Umbrella insurance

In the American insurance industry, umbrella insurance is liability insurance with default coverage , which occurs when the policy of the insured person cannot cover the costs or not completely in the event of damage because the amount of the damage exceeds the agreed sum insured.

Umbrella policies began selling in 1949 and became popular in the 1960s.

Individual evidence

1. ↑ https://www.geico.com/information/aboutinsurance/umbrella/
2. ^ How Umbrella Policies Started — Part 1: Early Liability Coverage | IRMI.com .