Posted on: November 14th, 2011 by The Accel Group | No Comments

We ask clients, “Do you have an umbrella policy?”  Some say yes, but some say I don’t know.

What is a personal umbrella policy? 

Additional umbrella protection is becoming a “must have” for more and more insurance customers. Today, the threat of damaging lawsuits leading to personal financial ruin looms larger than ever. Without proper umbrella coverage, you could lose your home, savings and retirement as well as your future earnings. You can protect yourself and your family from this potential loss.

How do I protect myself and my peace of mind?

Consider a million dollar liability policy. It provides coverage above and over your personal liability coverage on your auto, home, boat and other personal exposures. You may possibly be able to add uninsured and under-insured motorist coverage to your umbrella which will provide you with additional bodily injury protection if you’re injured in an accident with an at-fault uninsured or under-insured motorist.

Personal umbrella gives you valuable coverage against claims or legal actions that aren’t included or aren’t covered under your primary policy, after you satisfy the policy deductible. You can purchase personal umbrella policies at one million, two million or even higher limit levels. This provides liability funds above your primary home and auto policies, which are often at limits of $300,000 or $500,000.

Here are some claim examples to better understand the protection provided to you under the personal umbrella policy.

  • While golfing, you accidentally hit another player in the head with a golf ball, which causes permanent damage to the individual.
  • You are entertaining guests at your home and a friend falls down a flight of stairs due to a faulty railing. They become paralyzed due to a fall.
  • Your family dog bites a visitor at your home. A jury awards $400,000 to the victim.
  • You are traveling in your car and are involved in an accident with injuries. An award of $750,000 is granted to the injured party.
The personal umbrella provides for certain covered perils not usually included in standard forms of liability insurance. They include:
  • Activities of an officer or director of not-for-profit organization
  • Liquor law liability
  • Legal defense in addition to the policy’s 1,000,000 of liability coverage
  • Blanket contractual liability
  • Worldwide coverage; and
  • Personal injury

Don’t risk all you’ve worked for. Your chances of being named in a large personal lawsuit are greater than ever before. It stands to reason that the more you own in assets and property, the more you stand to lose.

Do you have proper liability protection? Hopefully you do, but if not, contact The Accel Group for more information on personal umbrella coverage.