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’ »

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’ »

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’ »

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’ »

Have you ever been caught out in the rain without an umbrella? If so, I’ll bet that you felt really stupid, right? In addition, you got soaking wet and most likely caught a nasty head cold as well. Well, in these uncertain times, it’s just as dumb to venture forth without the proper financial “umbrella” to protect your assets from those unexpected financial storms. I’m talking about personal liability insurance. More specifically I’m talking about an umbrella policy, which is a special kind of personal liability insurance that provides you with extra insurance protection. This type of insurance is referred to as an “umbrella” because it brings together various different components that are normally covered by separate professional liability policies.

When it comes to personal liability insurance, an umbrella policy is simply one of the best investments you can make. Not only does this type of policy provide addition coverage above and beyond what is allowed in a traditional policy (for example, if you cause a car accident and are sued, your maximum liability may not cover the amount of the settlement from a lawsuit), but it will often cover things that are not normally addressed in a traditional policy such as a copyright infringement case or a defamation suit. Another benefit of an umbrella policy is the price. Monthly premiums on a seven-figure policy are much cheaper than it would be for a single insurance policy. Depending on the state in which you live, it’s not unheard of to carry a four or five million dollar policy for as little as $300 a month. Continue reading ‘You Need an Umbrella Policy to Become a Millionaire’ »

Who wants to be the guy asking his five year old ” Now….., where did you get those matches?”, as he sees his, not to mention his two neighbors homes, engulfed in flames? Not you, not me. That is also a tad bit worst case scenario, most fire departments are pretty quick and it’s only your home that burns down.

Liability can arise from daily tasks almost all of us perform, like driving. Remember the five year old, just add 11. Liability arises from everyday business that takes place and provides people an income. Liability can arise from advertisements. You’ve heard of bodily injury, well don’t forget about their feelings and or reputation, it’s called personal injury. Amazing times we are living in. How is an individual going to function and create an income with all these different liabilities arising from his daily ventures? Not to mention some of, or all of, his childrens’ activities. Liability is out there and attorneys take it seriously, the attorneys client has to be made whole, or in other terms, they have to recover from the damages and recover for damages. So how much liability coverage does the average Joe six pack need then, and how does it differ in relation to his profession. Continue reading ‘Who Needs an Umbrella?’ »

You can buy all the coverage you want for home and auto insurance, but it doesn’t mean that you will be completely covered. Though the odds of it happening are slim, perhaps you will be served several claims because you were the cause of a multi-car pile up on the freeway, or you will be sued for an unreal amount of money by a man or woman who fell on your property…and they win.

The reality is that your coverage plan can only cover so much, which is why many insurance companies also offer personal umbrella protection to policyholders. This type of coverage works after your home or auto insurance policy exhausts itself after an unfortunate circumstance, and there are still damages and repairs that need to be honored. It is a great way to insure you and your family extra protection because you will never know when a major catastrophe could threaten to wipe you out financially. Continue reading ‘Personal Umbrella Protection – Added Protection For Extraordinary Circumstances’ »