What is the difference between a blanket policy and an umbrella policy?
Day in and day out, new policies hit the market with a lot of fanfare that the general public always looks really confused on choosing a particular one. However, there are certain specific policies which striking differ from the others in that they offer you a lot of benefits like never before. Both blanket policy and umbrella policy belong to this specific category, and you only stand to benefit by making use of them at the right time. Nevertheless, both of them also differ from one another in their own style. While blanket policy covers one or more broad classes of people or property, umbrella policy is only for liability. Umbrella policy provides broad insurance beyond traditional homeowners and auto. If blanket policy will be paying for the insured, umbrella does not do so and instead will be paying a third party. Also, blanket is used for businesses having more than one location, referring to a whole category of things. Umbrella is particularly useful when the assets you own require protection at a time when someone sues you. It may also provide coverage for claims that may be excluded by the primary policies.
- What is included in an umbrella insurance policy?
- Is there an expiration date on my insurance policy?
- What is the difference between a “one way cross liability clause” and a “two way cross liability clause”?
- What’s the difference between the insurance policy number and the group number?
- What does ‘grave marker’ mean in my homeowners insurance policy?