Umbrella Insurance

Umbrella Insurance Overview:

Also known as extra liability insurance, umbrella insurance has been especially formulated to protect the policyholder from any lawsuits and major claims. This helps the policyholder in safeguarding not only his future, but also his assets. As this insurance gives extra liability coverage over the stipulated limit of your car insurance, house insurance, etc. Once you exhaust the limit of your other insurance policies, umbrella insurance comes into play to provide you additional coverage.

Benefits of buying Umbrella Insurance policy:

Umbrella insurance is an extremely progressive product offered by insurance companies. Not only does it ensure your peace of mind, but also makes you feel additionally secure. You can be benefitted in the following ways, if you buy an umbrella insurance policy –

  • You will get covered for claims like slander, libel, false arrest, liability protection on your owned rental units, etc. Please note that these claims are usually not included in any other liability policies.
  • You can buy an umbrella insurance policy at cheaper rates if you buy it from the same insurance provider.
  • It provides additional security and you don’t need to worry even if you have exhausted your original insurance claim limit.
  • It covers you against such threats, dangers and unforeseen circumstances which are not covered by any standard insurance policy.
  • Provides you with a duty to defend form
  • Provides broader coverage on various types of primary insurance
  • Umbrella insurance narrows coverage gaps with its drop down feature

Umbrella Insurance Covers:

To attain more clarity on umbrella insurance policies, we have listed down the coverage than a standard umbrella insurance policy provides –

  • Any harm/damage caused to your asset/property
  • Certain types of lawsuits and legal processes
  • Bodily Injuries Liability - If you have injured another person’s body or harmed it in any way, you will be protected from the cost of medical bills. The circumstances under which this is valid are, if the third party has been injured due to
    1. An accident caused by your vehicle
    2. Injured due to a fall inside your house
    3. Injured/harmed by your dog
    4. Injuries sustained by a child while playing in your premises
  • Property Damage Liability - This covers the cost incurred in case you end up damaging a third person’s tangible property under circumstances like an auto accident, mishandling of third party belongings by your family member or pet, damage caused to school property by your kid, etc.
  • This insurance policy protects landlords against the possible liabilities that they can face.
  • Liability protection against libel (harmful written statement), Slander (harmful spoken word), false imprisonment/detention.
  • Prosecution caused with a malicious intent

Umbrella Insurance Policy Exclusions:

The liability caused due to the following situations –

  • War
  • Loss/ damage caused due to exposure of asbestos
  • If the policyholder is obliged to certain clause as per the Worker’s Compensation Law

Umbrella Insurance Plan Claim Process:

It is a quick and hassle free process to settle your umbrella insurance claim. Just ensure that you furnish all the essential documents (valid and duly filled/stamped) with your claims from. For further details on this, seek assistance from your insurance provider.

The aforementioned reasons clearly show how buying umbrella insurance is a smart and wise choice. But before you settle down with buying a certain policy, make sure that you do a thorough groundwork and identify your requirements, i.e. exactly what do you need the extended liability cover for.

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