Insurance Info

Why do you carry an umbrella? The easy answer is so that you protect yourself from the rain, right? Well, not exactly. You also carry an umbrella in case it rains, at least forward-looking people do. And business owners and professionals looking for the right insurance always have to be forward-looking, don’t they?

In other words, an umbrella is an “insurance policy” in the event that weather disaster strikes you. You may have a waterproof coat on. You may be wearing rain boots. You might have even picked a route to walk on which provides you the maximum shelter from rainfall. But you’ll still carry that umbrella around with you because you want to make sure you don’t get soaked once the unwanted event occurs, don’t you?

Well, it’s not all that different when it comes to formal insurance polices. It’s why they’ve come up with something actually called umbrella insurance. Those creative geniuses in the insurance industry have an answer and a name for everything, don’t they? Continue reading ‘Why You Should Consider Umbrella Insurance’ »

One of the troubles with present times is the continuously rising prices. This menace was there in all ages, but in today’s times it has reached a stage when one simply cannot afford to live beyond one’s budget. In this scenario, imagine the plight of people who suddenly have to cough up money to meet some urgent requirement. Situation becomes really desperate if the expense happens to be for a serious reason, and therefore cannot be deferred. A person suffering from some serious illness is one classic example of such expenses.

A person suffering from some illness, critical in nature, and does not have enough money to get himself treated is one of the most heart wrenching episodes of life. It is here that insurance services prove their worth and arrange for the treatment of the person with no contribution from his side. The value of insurance companies and financial protection they provide thus can very well be understood. Continue reading ‘Financial Protection – The Best One Can Expect To Get’ »

You might have heard about Umbrella Insurance, but may be you do not exactly know what it means. It does not guarantee you to stay dry, while walking in the rain, but it provides an umbrella of almost everything that other traditional insurance policies do not. As well as this, fills in gaps in coverage after your limits of standard policy are exhausted.

After realizing the meaning of this insurance policy, you will probably have one question – Why I need an umbrella insurance policy? This article will basically respond to your question. Continue reading ‘Why You Need An Umbrella Insurance Policy?’ »

Buy an umbrella policy and reduce your bodily injury liability coverage to the barest minimum stipulated by law. The more substantial your asset, they more this recommendation is true in your case.

What do you buy bodily injury liability coverage for? It’s to take care of passengers involved in an accident along with the other driver. If you don’t have coverage like this, your assets could be used to compensate victims in accidents.

You are, however, urged to opt for an umbrella policy because even the most extensive liability coverage within an auto insurance policy wouldn’t be adequate if you’re at fault in a fatal accident. This means that your personal assets will be liable if your liability coverage cannot handle the result bills and damages incurred. Continue reading ‘An Umbrella Policy – How It Will Help You Pay Less For Superior Auto Insurance’ »

Perhaps you’ve loaded up on insurance: high limits on car insurance, home and flood insurance, and ample life insurance. But even these coverages can’t account for every disaster in life. To further protect your assets, there’s umbrella insurance. Personal umbrella insurance kicks in when the limits of your auto or home insurance have been exhausted and there are still damages to pay. How could that happen? Say, for example, someone falls on your sidewalk and sues you for an ungodly amount. Or say you cause a six-car pile-up on the highway.

An umbrella insurance policy provides an extra cushion of insurance protection.

How an Umbrella Insurance Policy Works

Umbrella liability insurance covers damage claims that you, your dependents or even your pets may cause. They start paying out after the liability insurance in your homeowners and auto policy runs out. For example, if you have a home insurance policy with liability coverage of $300,000, the umbrella policy will pay claims above $300,000, up to the limit you select, such as $1 million. Or if your liability limit on your car insurance policy is $250,000 of bodily injury protection per person and $500,000 per accident, your umbrella auto insurance kicks in after you exhaust that coverage. Continue reading ‘Umbrella Insurance Extends Your Coverage’ »

What happens when you are sued for more than your basic homeowners or auto insurance policy covers and are found liable? Well, for most people, it would mean liquidating unprotected assets in order to satisfy the judgment. This may mean garnished wages, selling property, and possibly losing some of your investments. This is certainly a situation that could ruin your life, but there are ways to protect yourself.

A personal umbrella policy is additional coverage that goes above and beyond what your homeowners and auto insurance policies cover. Think of it as a protective umbrella that will pick up the damages once you have exhausted your coverage of those policies.

Your home is likely your most valuable asset-make sure it is properly protected. While insurance agents will help determine the kind of coverage you can buy, it is ultimately your responsibility to know what the policy covers. And remember, insurance agents are salesmen and typically work on commission. This isn’t a bad thing, but be aware of what type of coverage you actually need so that you can spot it when you’re being sold something you don’t truly need. Continue reading ‘So You Think You Are Prepared Financially?’ »

In the UK, an umbrella company acts as employer to independent contractors who work under temporary contract, usually through a specialist employment agency.

Recruitment agencies will only issue contracts to a limited company. Since the introduction of the Managed Service Company legislation in the 2007 budget, the only way an independent contractor can comply with this requirement is to set up his or her own personal limited company or use an umbrella company. Continue reading ‘Umbrella Companies’ »

We have all heard stories where someone gets sued for a huge amount, but the insurance company only covers a certain amount. The Insurance Company goes to court for the policy holder, but the courts award more money than the face value of the policy.

The Insurance company pays up to their limits and the lawsuit requires the policy holder to come up with the difference. The policy holder inevitably does not have that much in liquid assets and thus, they lose everything they have. Why did this have to happen? Continue reading ‘Why You Need an Umbrella Insurance Policy’ »

Personal liability insurance, also referred to as personal umbrella insurance, is another product we use to keep our assets in tact. Since we live in a litigious society, we believe that it’s a good strategy to have an insurance policy that can withstand a financial blunder caused by a lawsuit.

What is personal liability insurance?

Your homeowner’s and auto insurance policies have added liability protection within their contracts. If you are found negligent in a situation where someone was injured, your liability protection will pay for things like personal medical bills, rehabilitation, lost wages, etc.

However, the coverage amounts are relatively low and can be quickly exhausted depending on the severity of the other party’s injuries.

Protection from a personal liability umbrella insurance policy will trigger once the liability protection from your other policies are no longer sufficient. It gives you and your assets added protection. Continue reading ‘The Importance of Personal Liability Insurance’ »

There are so many “rainy days” that people can experience – a sick child, a broken-down car or a late mortgage payment. But what about a lawsuit? These days lawsuits are being filed , not just against big corporations, but also against people like you and me. In the blink of any eye, you could be involved in a car or boating accident, or have someone become injured on your property that could result in litigation against you seeking thousands or even millions of dollars. Even though your primary insurance policies, such as Auto, Homeowners, or Boat owner, may provide substantial liability insurance coverage, it may not be enough. A Personal Liability Umbrella Policy provided additional amount of liability coverage at an affordable price.

What is an umbrella policy? A Personal Liability Umbrella Policy provides additional layers of liability coverage over the liability coverage of your underlying policies. Personal umbrella coverage amounts typically begin at one million dollars and can be increase in increment of one million dollars. Here’s an example of how an umbrella policy could work: Let’s say your car is insured for liability with limits of $250,000 per person. You pull into an intersection, strike another vehicle and severely injure the other driver. This insured person sues you and the judgement against you totals $800,000. Your auto policy will pay the first $250,000 but an umbrella policy would respond for the next $550,000. Also an umbrella policy often insures against some types of losses for which there is no coverage in the underlying policy. Examples of such loss include liable, slander, and defamation of character. Continue reading ‘A Personal Liability Umbrella For a Rainy Day’ »