1. Property owners who cannot obtain basic property insurance in the voluntary market because of their location may use the:

FAIR Plan

The FAIR Plan is the residual market making basic property insurance available to hard-to-place risks.

2. A personal umbrella policy primarily provides:

Excess liability limits above underlying policies

An umbrella policy provides excess liability limits over underlying auto and homeowners coverage and may fill some gaps.

3. A commercial umbrella policy generally provides:

Excess limits above underlying policies and may drop down to cover some claims not insured by the underlying policy (subject to a self-insured retention)

An umbrella sits above scheduled underlying coverages, provides higher limits, and may drop down (subject to an SIR) for claims the underlying does not cover.

4. In a surety bond, the party who guarantees the performance or obligations of the principal is the:

Surety

The surety guarantees the principal's performance to the obligee; if the principal defaults, the surety is responsible.