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.
Trade agreement. Trade agreement, any contractual arrangement between states concerning their trade relationships. Trade agreements may be bilateral or multilateralâthat is, between two states or more than two states. 1  For most countries international trade is regulated by unilateral barriers of several types, including tariffs, nontariff barriers, and outright prohibitions.