PUP (Personal Umbrella Policy)
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What's A PUP?
"Pup" stands for Personal Umbrella Policy. It provides an extra layer of liablility protection for your personal assets and future earnings. It helps protect you from having your house or financial assets at risk in the event of an accident or other event in which you are found legally liable for damages.
A "PUP" adds substantially more liability coverage to other policies you already have. For instance, you may have $300,000 in liability coverage on your auto policy. With a PUP for $1 million in coverge you would be adding an additional $700,000 or more to your auto policy and can at the same time have the million in coverage on your home, boat, or any other active insurance policy you have.
PUP's are designed to protect you from a catastrophic lawsuit or judgement.