What is an umbrella policy?

An umbrella policy is a type of insurance which provides additional coverage beyond the limits of the other insurance policies you may have. This type of insurance is intended to provide protection and coverage for events which are not typically covered under traditional insurance policies. In Maryland, an umbrella policy may provide coverage for accidents, liability, injury, property damage, and legal fees. An umbrella policy is usually beneficial for high-net-worth individuals who may be at a higher risk of being sued for large sums of money. This type of policy can provide an additional layer of protection above the limits of your existing policies, such as homeowners, auto, or boat insurance. It can also provide coverage for events which are usually excluded from traditional insurance policies, such as libel and slander, false arrest, malicious prosecution, and more. Umbrella policies can be tailored to meet a variety of needs, so it is important to review your existing policies and discuss your options with an insurance professional. It is important to understand the different levels of coverage that are available in order to choose the right policy for your needs.

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What is an umbrella policy?

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