Which of the following statements correctly describe the characteristics of an umbrella liability policy?

(1)The umbrella liability policy provides excess liability coverage once the limits of the underlying policy are used up.

(2)The coverage in the umbrella may be broader than the liability coverage in the underlying policy

(3)The insured will face a deductible or self-insured retention in situations where the umbrella covers a loss but the underlying contract does not.

(4)The umbrella liability policy replaces the need for other liability insurance

		2 and 3
		1, 2 and 3
		4 only
		1 and 3