It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
Umbrella insurance defined: What is it? Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.