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ultimate net loss (UNL)

Ultimate net loss (UNL) is a term used to specify insured damages in an umbrella liability policy.

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Most umbrella policies include a specific definition of the covered damages encompassed by the term. This will typically include amounts actually payable to claimants in settlement or judgment. If defense and other supplementary payments are included within the policy's limit of liability, they may also be included in the policy's ultimate net loss definition.