Well, that is exactly it – with umbrella insurance there are no exact absolutes. Of course, while the amount of covering protection is clearly outlined when the policy is being drawn, umbrella insurance only comes in to play when the underlying insurance policies payout on a claim has been exhausted.
Umbrella insurance is an added liability insurance that is an extension of your current personal, automobile, another vehicle, homeowners or commercial insurance policy. Today many people who find themselves in the position of the claimant are interested in suing the individual who may have harmed them in some way. Many times these lawsuits exceed the financial boundaries outlined in a common insurance policy. Where common insurance policies end is where the umbrella insurance begins. Many insurance claimants are seeking not only to sue the offending party but are seeking other culpable parties to pay damages for the incident that befell them.
Do I Need Umbrella Insurance?
When umbrella insurance was first introduced in the middle of the last century, it appeared that this type of insurance only seemed suitable for the wealthy. Who would want to sue someone who doesn’t have a lot of money? Unfortunately with a number of lawsuits ever-climbing, anyone can find a subpoena in the mail from a car accident to a trip and fall in front of your small business. Umbrella insurance acts as a buffer and could potentially avoid a claim against your real estate or personal bank accounts if monies were awarded in a liability suit.
Let the professionals at Oliver Insurance discuss with you how to best protect your family and business with umbrella insurance. Though it may be raining umbrella insurance can protect your assets from getting caught in the storm.
