Protecting your family and assets is a top priority, which is why people have insurance. Personal umbrella insurance is a type of insurance designed to add extra liability coverage over and above another insurance policy, such as auto or homeowners insurance. Umbrella insurance is meant to help protect you from large and potentially devastating liability claims or judgments. Personal umbrella coverage comes into play when your underlying liability limits (such as from a homeowners or auto insurance policy) have been reached. PERSONAL UMBRELLA INSURANCE POLICY IN ACTION To better understand how a personal umbrella policy works, here's an example: If you're at fault in a car accident...
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We took out contingent business interruption insurance for our boutique hotel. That policy includes insurance against ‘contagious or infectious notifiable disease’ and ‘imposed quarantine regulations’. We didn’t expect a battle to ensue, not least around the semantics of the word ‘quarantine’ versus ‘lockdown’. Nay – these are NOT unprecedented times. To many of us, life seems to have hit up against a massive planetary malfunction from which no amount of due diligence can release us. The time, however out of joint, is not as unprecedented as many would have us believe. The 1918 Spanish Flu epidemic may be more recent in historical memory, and more prevalent in current discourse because,...
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What is Umbrella Insurance and Why is it Important? Everyone knows that life can be very unpredictable at times. Whether you are at home, work or on the road, something unexpected will eventually happen. It is important that you are protected when it does. But the problem is that most people aren’t aware of just how many risks they face every day. Entertaining, rental properties, pets, traveling and young drivers are all examples of everyday risks. The average person only carries between $100,000 - $500,000 of liability coverage in their policies. That is a significant amount of money when you think about it. However, when you are talking about an instance that involves a serious injury,...
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Thanks to medical liability lawsuit reforms that were advocated by the Texas Medical Association in 2003, physicians today have much less to worry about from spurious or overinflated malpractice lawsuits. However, as a physician, you are still facing a potentially devastating risk from a different source. Personal liability lawsuits are commonplace, and your malpractice and business liability insurance does not protect you outside of your professional life. There are several areas where you could be at risk of a personal liability lawsuit. Auto Accident Liability Physicians often have long commutes, work long hours, and may be fatigued and/or distracted while driving. This increases the...
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You’ve put years of hard work into building your financial security. To protect your investments, you carry insurance for your home and your vehicles. If you’ve ever wondered if you should also have an umbrella insurance policy, consider the following scenario: One day on the way to work, Travis became distracted for a second, and ran into an SUV with a mom and three kids onboard. The SUV was severely damaged, and the mom and one of the children were seriously injured, requiring hospitalization. The mom, who was an executive at a large local company, was unable to work for six months, and suffered some permanent impairment. The family sued Travis for $3.5 million, well beyond the liability...
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Umbrella Insurance in Washington State In today’s world, anyone can get hit with a lawsuit. That’s why it’s more important than ever to consider an added layer of protection for your assets – and your peace of mind. In Washington state, an umbrella insurance policy can provide an additional layer of liability protection that goes beyond what your home and auto policies cover. With an umbrella policy, you have broader coverage if you’re sued and peace of mind knowing you’re protected. What does umbrella insurance cover? If you’re responsible for causing bodily injury or property damage, your car and homeowners insurance may not be enough. This is...
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What is umbrella insurance? You never know when it might rain. So, just like the name implies, this type of policy acts like an umbrella, providing protection against a wide range of potential financial dangers and unforeseeable mishaps. Umbrella insurance does not cover: Your own medical expenses However, what exactly is covered by your umbrella policy depends on how you decide to set it up. In most cases, umbrella insurance protects you from: Injuries you cause in a car accident Injuries someone suffers on your property Property damage you cause in an accident Property damage your pet causes Property damage a dependent or child causes Attorney fees and other legal costs Yes, your existing...
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Money Matters: The Good News About Umbrella Insurance Policies are cheap, so it’s easy to be well covered. Here’s what you need to consider. An elderly motorist hit another car, and its driver died. A lawsuit followed, and in the end, the man who’d caused the accident lost nearly everything. He was allowed to keep a small IRA and to remain in his home, which he had designed. But when he dies, I’m told, the house will go not to the beneficiary of his choice but to the plaintiffs. Let this be Exhibit A in the argument for sufficient umbrella or excess-liability insurance, which the anecdotal evidence suggests is under-utilized in the risk-management portfolios of the wealthy. People...
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If you own a home, a pet, have a young driver in your family or enjoy traveling abroad - umbrella coverage matters. Really it's our recommendation anyone and everyone has an umbrella policy and here's why - Umbrella coverage provides an extra layer of protection for you and your family that goes beyond what your home and auto policies cover - and usually these policies don't cost a lot. What’s Peace of Mind Worth to You? If the liability limits are exhausted on your home, auto, or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. The cost is minimal compared to the comfort of knowing you’re covered. Do You Have Enough...
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One of the most certain things in life is uncertainty. Your dog could bite the neighbor’s kid. Your teen driver could hit a cyclist. A guest could fall down your stairs. A rainy morning commute on worn-out tires could result in a multi-car accident. And you could be held liable to others for the cost of damages – injuries, property destruction, emotional distress, lost wages and more. Good thing you have insurance. But wait, what if your policy covers $300,000 of liability, and in a lawsuit you’re judged liable for $1 million? That leaves $700,000 left to pay. How will you cover it? If you have umbrella insurance and your policy covers the incident, the additional $700,000 will come from...
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