 | Jerviss-Fethke Insurance Agency | | "Because Things Happen" |
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We live in a litigious society. If someone gets hurt they are looking for money fron someone. Fortunately an umbrella policy can be very inexpensive for personal insureds. Commercial umbrellas vary widely on price depending on the nature of the business. Some things to keep in mind:
- An umbrella policy can be following form, or a true umbrella. Following form means the umbrella limit only applies if the underlying liability limit applies to the loss. If the underlying limit does not apply, the umbrella limit does not apply. A true umbrella will respond even if there is no other coverage. Note: Umbrella policies normally require specific limits for you underlying liability policies. ie: Your personal umbrella may require your auto liability to be 500,000 and your home to be 300,000. The plus is the umbrella applies to both Home and auto, the minus is if you do not carry those underlying limits you could have a gap in coverage. Ie: You are suppose to carry 500,000 on your auto policy for your 1 million umbrella policy, but you only carry 100,000. You slide on ice in the winter (we are in Michigan), you hit a van full of kids and they are injured, they will sue you. The auto policy will pay up to 100,000, (that is your limit), then you pay 400,000, (good luck), then the umbrella would respond. If you carried 500,000 on your auto policy, the the auto policy would pay 500,000 and the umbrella would cover anything above that. No out of pocket for you. GOOD Deal! A personal umbrella can range from 150.00 to 250.00 depending on many factors, and sometimes more, but not normally.
- A business umbrella can be very inexpensive to expensive depending on your type of business. One of the great features you can get is overseas coverage. Normally underlying General liability only covers claims brought against you in the US, Canada, and its territories. A true umbrella could respond if a lawsuit were to be brought against you in France.
- Who needs an umbrella? Everyone. It is normally very inexpensive.
- Keep in mind there is no standard umbrella form for coverage, it can vary from one company to another.
- Some companies will give you a discount for having an umbrella policy if you have your home or auto policy with them as well.
Contact us for your umbrella insurance needs.."Because Things Happen".
(Read your policy for specific coverages).
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