Umbrella Insurance Checklist

You purchase umbrella insurance so that you’re covered under every contingency. An umbrella policy should also provide coverage for the gap between the value of the insured item and the amount you owe on it. The following table lists basic umbrella coverage every umbrella policy should include:

Gap Description	What Coverage You Need	Comments
Territory of coverage	Worldwide	Make sure lawsuits outside the U.S. and Canada are covered.
Personal injury liability	Libel, slander, false arrest, and so on	Underlying insurance may be required. Be careful.
Coverage of newly acquired vehicles, boats, and so on	Automatic, no notice required	Poor policies require notification in 30 days or no coverage. Dangerous!
Liability assumed in contracts	Weddings, parties, rentals of all kinds	Poor policies limit coverage to residential contracts only.
Punitive damages	Allowed in some states	You could travel in a state that allows them.

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