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Personal Umbrella Policy….What is it and who needs it?

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UmbrellaUmbrella insurance provides liability coverage over and above your homeowners or automobile insurance, including defense costs.  And potentially in some cases, the primary insurance for losses not covered by homeowners or automobile insurance.

This coverage provides an added layer of personal liability to cover for damages that you are legally liable for.  Personal Injury is also a covered peril including but not limited to slander, libel, false arrest, defamation of character, shock or malicious persecution.  Lastly, accidental damage to the property of others is included in the coverage.

Umbrella policies generally cover you, residents of your household and pets.

Myth:  Only the wealthy need umbrella policies.

FACT:  Everyone should consider an umbrella policy.  Everyone has future wages, retirement savings and perhaps future inheritances, which all become fair game in the event of a law suit.  Below are just a few examples of claims that have been covered by umbrella policies.

Civic Activities

Example 1:  The insured, which was on a school board, was sued individually by a dismissed teacher who alleged racial discrimination. The umbrella policy provided defense coverage for the claim. (Rough Notes)

Personal Injury

Example 2: The insured was sued for defamation of character. It was alleged that he slandered the claimant by stating that the claimant embezzled funds and was also immoral. The claim was covered under the insured’s personal umbrella liability policy, subject to the retained limit. Personal injury coverage was not included in the underlying comprehensive personal liability insurance. (Rough Notes)

Foreign Territory Claims

Example 3: The insured rented an automobile in France and was involved in a serious accident. Only limited coverage was available to him there. His umbrella responded. (Rough Notes)

Anyone can fall victim to a lawsuit.  Contact us today and see how we can help you. You can also learn more about Umbrella coverage on our web page.

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