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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Umbrella Insurance


Synonyms:blanket insurance, blanket policy, extra coverage, insurance policy, umbrella policy, wide coverage
Filed Under: insurance
Tags: insurance
 

Definition of umbrella insurance

umbrella insurance
1. A type of insurance that provides coverage for multiple different types of property within a single insurance policy. Homeowner's insurance is an example of an umbrella insurance policy; homeowners insurance covers damages to both the home and the contents of the home. Also known as an "umbrella policy," "blanket policy," or "blanket insurance."

Related Terms and Acronyms:

  • blanket insurance   A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
  • broad form insurance   Insurance that covers rare events not normally covered in an existing insurance policy.
  • commercial blanket bond   Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
  • commercial multiple peril insurance   Insurance policies that provide businesses coverage for more than one named peril.
  • floater insurance   Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
  • homeowners insurance   A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • multiline insurance policy   A combination of different insurance policies that are rolled into a single insurance policy.
  • named perils insurance policy   Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
  • personal property (PP)   Property that is movable and not permanently attached to a dwelling or structure.

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