Think of umbrella insurance â sometimes called excess liability insurance â as a failsafe for your savings and other assets. If youâre sued for damages that exceed the liability limits of your car insurance, homeowners insurance or some other coverage types, an umbrella policy helps pay what you owe.
Bilateral treaties, by contrast are negotiated between a limited number of states, most commonly only two, establishing legal rights and obligations between those two states only. The United Nations Convention on the Law of the Sea and the Geneva Conventions are the examples of multilateral treaties.
Multilateral Treaty Law and Legal Definition. A multilateral treaty is a written agreement between three or more sovereign states establishing the rights and obligations between the parties. They often result in international conference or gathering of nations done under the auspices of international organizations.