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Umbrella personal liability policy |
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Umbrella personal liability policyA liability insurance policy that provides protection against damages not covered by standard liability policies, such as large jury awards in lawsuits.Umbrella personal liability policy Similar MatchesUnlimited liabilityUnlimited liabilityFull liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability. Joint and several liabilityJoint and several liabilityAn undertaking by a group of two or more people to be responsible, either individually or jointly, for any liability which may exist after any member or members have failed to meet their obligations. For example if a group of four people enter into a joint and several liability on a bank loan, then in the event of two of the members reneging on their obligations the remaining two members become fully responsible for the repayment of the loan. Contingent pension liabilityContingent pension liabilityUnder ERISA, a firm is liable to its pension plan participants for up to 39% of the net worth of the firm. Joint liabilityJoint liabilityThe responsibility of two or more people to fulfill the terms of a home loan or debt. Umbrella personal liability insuranceUmbrella personal liability insuranceIn the US, liability insurance giving excess cover over and above that cover provided by other policies. For example if general policies give total liability insurance cover of $400,000, an umbrella policy could typically provide cover of $1 million. If a claim of $700,000 were made the umbrella policy would pay out only after the $400,000 has been first exhausted. Further SuggestionsFunded Liabilityjoint liability Lender liability lawsuits Tax liability limited liability Liability liability insurance Noncurrent liability Limited liability Liability insurance Contractual liability Limited liability instrument |
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