Have you heard about the Umbrella Policy? If not, come and join us to learn more about it together.
Umbrella Insurance refers to a liability insurance policy that
protects your assets and future income above and beyond the
standard limits set on your Auto, Homeowners, Motorcycle,
Rental Dwellings, Watercraft, and Recreational Vehicle Policies.
For example, if you have an Auto Insurance Policy with liability
limits of $300,000 and a Homeowners Policy with a limit of
$500,000, then with a $1,000,000 umbrella, your limits become
in effect, $1,300,000 on your Auto Policy and $1,500,000 on
your Homeowners Policy.
The standard limit of coverage is $1,000,000 and can be
increased in $1,000,000 increments to $5,000,000.* Retention
limits of $250, $500, and $1,000 are available.
In addition, Umbrella Insurance provides coverage for claims
that may be excluded by your primary policies, such as:
Coverages:
*Bodily Injury: Covers medical expenses and liability claims if you or your household members cause injury to others.
*Property Damage: Covers the cost of damage to someone else’s property caused by you or your household members.
*Legal Defense Costs: Pays for legal fees if you’re sued for damages that exceed your primary insurance limits.
*Personal Liability: Provides coverage for incidents like libel, slander, and defamation of character.
*Worldwide Coverage: Offers protection for incidents that occur outside of your home country.
Endorsements:
*Excess Liability: Extends the coverage limits of your primary insurance policies.
*Uninsured/Underinsured Motorist Coverage: Provides additional protection if you’re involved in an accident with a driver who has insufficient or no insurance.
*Business Liability: Covers liability claims related to your business activities, if applicable.
Please note that these coverages and endorsements are basic information. Some insurance providers offer tailored options to suit your specific needs.
Now that we both have a better understanding of umbrella coverage and endorsements, feel free to contact us to discuss and assist you further.
