Which of the following statements concerning personal umbrel…
Which of the following statements concerning personal umbrella liability insurance is (are) correct? The personal umbrella policy is designed primarily to provide liability coverage for catastrophic legal claims or judgments. The personal umbrella policy requires the policy owner to carry certain underlying liability coverages of specified minimum amounts on both the homeowner’s policy and the PAP. A claim made under an umbrella policy will pay only after the required limits of the relevant underlying policy have been paid either by the underlying policy, or by the insured if the required minimums are not carried.