An INSURANCE contract that provides protection for very large exposure amounts (well in excess of those that might be obtained through a standard PROPERTY AND CASUALTY INSURANCE policy, a COMMERCIAL GENERAL LIABILITY POLICY or a MULTILINE POLICY ). The umbrella policy covers a broad range of INSURABLE RISKS, but serves as an EXCESS LAYER facility rather than a FIRST LOSS cover. See also MULTIPLE PERIL PRODUCT.
Black’s Law Online Dictionary
