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I am in the insurance business and deal with umbrellas on a regular basis. You are asking two separate questions.
Stomachmonkey's answer regarding the question in your post is correct.
Your title is a completely separate question. An Umbrella is policy is over and above your underlying auto, home, boat, RV, etc. policies. If you have a $300,000.00 auto liability policy and a $1,000,000.00 umbrella policy and are sued for $1.5 Million and lose the case. Your auto will pay $300K, Umbr $1M. you pay the $200K or could be ordered to liquidate assets to pay the balance.
That's the short answer.
Last edited by drcoastline; 08-19-2017 at 03:13 AM..
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