Excess Liability Insurance – Our Umbrella Policy
Because you never know when trouble will rain down
Why do you carry an umbrella? To cover you in case of unforeseen bad weather. Umbrella insurance is similar: it protects you from the unforeseen coming down on you.
You never know when someone is going to hit you with a liability lawsuit that goes beyond your car insurance, your homeowner’s insurance, or your other policies. An umbrella insurance policy (sometimes also called an excess liability insurance policy) covers you for circumstances when you exceed the liability insurance coverage limits provided by your other insurance. This is potentially important in saving your house, your portfolio, your nest egg, your kids’ college funds and all your other investments.
Umbrella insurance policies were created to provide additional insurance when a lawsuit brought over injuries or property damage exceeds the claims on your home insurance, car insurance, boat insurance and so forth.
Why is this important? If you are sued and the claim exceeds your other coverage, an umbrella insurance policy with $1 million in coverage will potentially allow you keep your house – and the hundreds of thousands of dollars of equity you’ve built up in it.
An umbrella policy provides three benefits:
- It provides additional lawsuit coverage of $1 million or more
- It provides additional coverage for legal fees – the cost of your defense – which can easily add up to $100,000 or more
- It provides coverage for some lawsuits not covered by your underlying home insurance or auto insurance. (Some examples: if you’re sued while serving on a nonprofit board of directors; when in an accident in a car you rented while in a foreign country; or while piloting a boat you rented on vacation.)
In general, this much protection and peace of mind comes very inexpensively, especially when compared against the risk.In short, if you want to guard yourself from losing all your income and assets in one large lawsuit, you need an umbrella insurance policy.
At Atlantic Insurors, we work with you personally. We’ll help you make the determination whether or not umbrella insurance is right for you, and at what level. Call us today.