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.
TREATY, international law. A treaty is a compact made between two or more independent nations with a view to the public welfare treaties are for a perpetuity, or for a considerable time. Those matters which are accomplished by a single act, and are at once perfected in their execution, are called agreements, conventions and pactions. 2.