(1) Cover providing excess limits over the normal limits of liability policies and giving additional excess cover for perils not insured by the primary liability policies. (2) In reinsurance cover against an accumulation of losses under one or more classes of insurance arising out of a single event.
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UK: Takes the form of excess of loss reinsurance treaty to protect the reinsured against an accumulation of retained losses arising from one event under different classes of businesses. Example: A storm causing widespread losses affecting property, motor, marine and aviation accounts. Alternative terms: whole account; back-up cover.
Insurance Encyclopedia
Umbrella coverage
Insurance protection for losses beyond the policy limits, for example, in homeowner’s insurance.
Umbrella Covers or Whole Account Covers or Clash Covers
To protect accumulations of net loss from a number of classes of business but arising from one event, after the operation of all specific Reinsurances in the separate departments.
Umbrella Liability
Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability polices.
Umbrella liability insurance
A liability contract with high limits covering over top of primary liability coverages and, subject to a self-insured retention (deductible), covering exposures otherwise uninsured. Generally called an umbrella policy.******
A Comprehensive liability policy.
Umbrella liability policy
Liability policy with high limits covering over the top of underlying, primary, liability insurances subject to a self-insured retention. Cover is usually broader than the primary cover and may have a drop down provision.
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A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
UMGA
Acronym for Unified Medical Group Association. See American Medical Group Association (AMGA) .
Umpire
In case the insurer and claimant fail to agree on the quantum of loss they appoint one arbitrator each. These two arbitrators select one Umpire. A decision by any two of the three is binding.
Umpire (Property Insurance)
A person used to help a claimant and an insurer agree on an amount of loss for a claim. The claimant and insurer each select an appraiser, and the appraisers choose the umpire. A decision that two of these three agree on is legally binding.
UN
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating two patients served.