120px-RegnhlífWe use an umbrella for added protection against rain, sun and other weather conditions that can somehow affect us if we were not protected.

Insurance Companies use an Umbrella policy in the same way.  Essentially, it would offer added protection over and above your primary policy limits that you carry on your Home, Auto, Watercraft, and other insurance policies that obtain liability coverage. It is designed to help protect you from major claims and lawsuits.

Umbrella limits start at $1 million and can go as high as needed by a qualified applicant.  This additional protection is designed to provide the added coverage when your primary liability limits on your other policies have been exhausted.  It can also provide coverage for claims that may have limited coverage or that may be excluded by your primary liability policies

According to *James R. Harding, CPCU, CLU, CPA, Aon Insurance Services, the majority of claims filed under umbrella policies are auto-related, and since virtually all of us drive, the need for an umbrella policy is pretty much essential.  Let’s say your Automobile policy liability limit is $300,000.  If you were the cause of an auto accident, and the cost of injuries to others was $500,000, your auto policy would only cover $300,000 for the injuries.  So how would you cover the remaining $200,000?

If you were to have a personal Umbrella policy, the additional coverage needed to settle the claim would be covered up to the Limit provided under the Personal Umbrella policy.

The average lawsuit tends to exceed most limits carried under a typical auto or home policy. By having an Umbrella policy, you have the added protection that will save you from losing your assets if an incident occurs. Why worry about if you have enough coverage to protect yourself and your assets, when you can obtain an Umbrella policy which provides the added protection, and most importantly, the peace of mind it gives you knowing that you are covered.

Stephanie Turowski CarterCommercial Account Manager

Posted in: annapolis insurance agency, business insurance annapolis, business insurance policies, commercial insurance, henry murray insurance annapolis, homeowners insurance annapolis, personal insurance, umbrella

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