9. Steve has an HO-3 policy with $200,000 in liability limits. Steve also has an umbrella policy for $1,000,000. The umbrella policy has self-insured retention level of $1,000. Explain what each policy would pay in the following scenarios. Defend your answer

• Steve is playing in a pickup basketball game and administers a hard foul to Ron. Ron sues and is awarded damages in the amount of $201,000.
• Steve writes a tell-all book about his boss titled My boss is awful, and I can prove it. Steves boss sues Steve and is awarded damages in the amount of $201,000.
• Steve is an accomplished accountant with 30 years of experience. Steve was responsible for errors in Mr. Big Shots tax return. Mr. Big Shot sues Steve and is awarded damages in the amount of $201,000.