Insurance Info

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?’ »

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’ »

Picture this scenario – You win the lottery and you start to buy the things you’ve always dreamed of. You buy a big, beautiful house, a new luxury car, a shiny yacht. You might say to yourself, “Forget about insurance – If anything happens to my property, I have enough money to just replace it.” This may be true, but you probably haven’t considered liability, especially since you are rich and have just become a target for lawsuits, especially frivolous lawsuits. A good umbrella insurance policy would cover this.

Consider this, someone slips on the snow on the front property of your new house. Or someone falls off of your boat. Or you hit a bicyclist while driving your car. Or somebody that knows you just won the lottery launches a frivolous lawsuit. First of all, you need to have an auto, home, and boat insurance policy to cover the liability in these types of situations. But, these types of policies usually only cover you up to a million dollars. But being that you just won the lottery, people will know that you are rich enough to cover a lawsuit of more than a million dollars. That means, in a successful lawsuit against you, you could be liable for more than $1 million. A good umbrella insurance policy would cover this type of risk. Continue reading ‘Lottery Winners' Liability – Best Defense Against Frivolous Lawsuits is an Umbrella Insurance Policy’ »