About Umbrella Insurance
What is umbrella insurance?
Umbrella insurance is also called “excess” insurance because its coverage is not usually triggered until protection provided by an auto, home or other underlying policy is exhausted (runs out). In some instances, personal umbrella policies have insuring agreements that extend to claims that are not covered by underlying liability insurance. In such instances, an umbrella policy responds to the loss on a primary basis.
The insured's liability is covered with respect to "personal injury" (a concept more broad in scope than "bodily injury") and for damage to property belonging to other parties. Personal Umbrella Liability insurance is written with a minimum limit of liability of $1 million with higher limits available. Payments for occurrences that are not covered by the insured's primary insurance are subject to a Self-Insured Retention or SIR. SIRs typically range between $500 and $10,000 and represent an out-of-pocket expense for the insured.
Increase your protection from lawsuits
Umbrella insurance is not solely for the wealthy. In today's litigious environment, you can never tell when some small action or oversight -- however inadvertent or trivial -- will lead to a lawsuit. Lawsuits are an experience you can do without. Fighting them can be terribly expensive; they can also place your personal property and assets at extreme risk. A good umbrella policy is an important and cost-effective supplement to any insurance program.
Get the coverage you need
Are you unsure about the specific exposures and risks you face? Or the protection you need? Our insurance needs analysis tool is a good place to start. It will help you to identify your potential exposures to loss and list the coverages that may be appropriate for you. Click the link below to access our free individual risk analysis tool.
