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.
Since the prefix bi-means two in Latin, bilateral means essentially two-sided. In the days when there were two superpowers, the U.S. and the Soviet Union regularly engaged in bilateral arms negotiations; such negotiations are much less common today. Sometimes bilateral refers to two sides of the same thing.