Umbrella Insurance

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Umbrella insurance gives you peace of mind

Umbrella insurance is a type of insurance policy that offers additional liability coverage beyond an individual’s existing standard insurance policies. It helps to protect an individual from financial losses that may be caused by major liability claims such as property damage, bodily injury and personal injury. The policy makes up for any costs that may be beyond the limits of an individual’s existing policy, thus providing an extra layer of financial protection and peace of mind.

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We need insurance to protect ourselves and our property from unexpected losses. Insurance allows us to transfer the financial risk of an event, like falling ill, experiencing an accident, or having our property damaged or stolen, to an insurance company. The company agrees to take on the risk of financial losses, in exchange for a premium, and will pay for our losses if the event happens. In this way, insurance helps to cover our losses and safeguard our financial future, by giving us peace of mind that we will not bear the burden of major financial losses alone.

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What is Umbrella Insurance?

Umbrella insurance is a form of liability insurance that covers losses beyond the scope of a standard insurance policy. It provides extra coverage or “umbrella” protection from claims that exceed the limits of the other policies. It can provide coverage for bodily injury and property damage claims, as well as personal liability for incidents that occur away from the insured premises.

Types of Umbrella Insurance

The two primary types of umbrella insurance are personal umbrella insurance, which pays for legal costs and damages that you incur in cases involving injuries suffered by others or damage to another person’s property, and commercial umbrella insurance, which pays for legal costs and damages that your business incurs, typically due to negligence or liability related to business activities. Personal umbrella insurance typically covers losses that occur in your personal life and can provide coverage up to a statutory limit, while commercial umbrella insurance usually covers losses related to your business, including lost income and repairs to property.

What is Personal Umbrella Insurance?

Personal Umbrella insurance is a type of coverage that provides liability protection in excess of that provided by other policies, such as auto and homeowners insurance. This type of insurance acts as a safety net, providing additional coverage and protection in the event of a costly lawsuit or other financial loss when damages exceed the limits offered by other policies. It helps to protect an individual’s assets, such as income, investments, and savings, and keeps them from having to pay for damages out of their own pocket.

What is Commercial Umbrella Insurance?

Commercial Umbrella Insurance is a type of liability insurance that provides additional coverage above and beyond the limits in other underlying liability policies. This coverage is useful in cases where a claim exceeds the limits of a business's other policies, such as General Liability and Professional Liability. Commercial Umbrella Insurance provides additional limits of liability, up to the limit of coverage purchased, for claims in areas such as bodily injury, property damage, and personal injury. It can also provide defense costs if a claim is brought against the business.

How to qualify for Personal Umbrella Coverage?

Typically, in order to qualify for a Personal Umbrella Coverage (PUC) policy, an individual must have at least one underlying policy. This underlying policy may vary depending on the company’s requirements, but often includes a homeowner, auto or watercraft policy. Additionally, the individual typically must be approved for the underlying policies before qualifying for a PUC policy. Other requirements may include a minimum of a three-year history of no claims, details of criminal or driving record, and the amount of assets you have that could be at risk if a claim were filed.

How to qualify for Commercial Umbrella Coverage?

In order to qualify for Commercial Umbrella Insurance, you must have an existing commercial liability policy in place, such as a General Liability, Professional Liability, or Automobile Liability policy. Your existing policies must meet certain requirements in order to be eligible for Commercial Umbrella coverage. These requirements may include specific policy limits, specific coverage, certain types of insureds, and other criteria. Additionally, you must be able to demonstrate a satisfactory claims history.

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