What Is Umbrella Insurance?
Umbrella insurance is a form of liability coverage that provides additional protection beyond the limits of specified underlying policies. It can also serve as primary insurance for certain losses that are not covered by these other policies.
When the insured is found liable, their primary insurance policies will cover claims up to their limits, and any excess amount will be covered by the umbrella policy, up to its own limit.
Common Situations Covered by Umbrella Insurance.
- Motor vehicle accidents resulting in significant physical damage, bodily injuries, or fatalities.
- Slip and fall incidents occurring on your property.
- Boating accidents.
- Accidents involving swimming pools.
- Bodily injury or property damage caused by your dog.
- Lawsuits related to slander, libel, and defamation.
- Judgments that exceed the coverage limits of your auto or homeowners insurance policies.