Umbrella Insurance aka Excess Insurance

What is Umbrella Insurance?

Umbrella Insurance provides exactly the type of coverage that it sounds like it would; it provides an umbrella for you to stand under. Liability issues are everywhere and you never know what could cause someone to present you with a multi-million dollar lawsuit. Basically, Umbrella Insurance policies protect you from liability issues the go beyond the liability limits of standard insurance policies, such as your homeowner’s insurance, car insurance, etc. This policy literally puts you under its umbrella so that when you exceed the liability coverage limits on an insurance line, you will still be protected.

What does Umbrella Insurance cover?

Most homeowner’s and auto liability policies frequently only cover third party bodily injury and property damage. Umbrella (excess) policies will extend those $ limits to not only provide additional coverage for bodily injury and property damage, but also to cover losses not protected by most  customary primary liability contracts.  An excellent example is the provision of worldwide auto liability and physical damage cover afforded by Chubb.   Every policy is different, so a covered liability issue under one insurance policy may not be covered by a competing carrier. Umbrella Insurance becomes operative to extend the limits of liability coverage provided under your primary homeowners and auto liability insurance policies.  it is extremely important cover.  As such we offer very broad protection by our two preferred umbrella/excess carriers.

Why should you purchase Umbrella Insurance?

All well-to-do families should have umbrella liability protection: What happens to you and your family’s assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner’s policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by hundreds of thousands of dollars? Although these events may be few and far between, you cannot risk losing your hard earned assets.  Umbrella Insurance is typically purchased at a low cost to you, but, at high limits, will provide adequate coverage for most events.  In addition the umbrella policies we place with Chubb and Nationwide provide up to $10M in under-insured motorist protection.   Contact us  for more information on umbrella policies.  Please note that we require the homeowner’s coverage to place your umbrella cover.  Chubb is extremely competitive at limits of $5M and higher.