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It is an excess liability policy. These policies kick in after your own personal insurance reaches its maximum payout.

Like the "umbrella" policy you may have on your own.
Correct. an excess policy pays out after either 1) your underlying insurance pays out and is exhausted, or 2) you have no underlying insurance-in which case the policy contains a "self insured retention" (usually $10K) that you have to pay out of pocket before the insurance picks up.

Your personal coverage includes any homeowners or renters policy with personal liability coverage
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