02/10/2023
Why have an UMBRELLA policy?
Some insurance claims can seem unbelievable. A personal umbrella policy adds a crucial layer of asset protection above your insurance policy limits for accidents and claims that go beyond your wildest imagination. For example...
A babysitter was watching 2 young children over summer break. A small wading pool was set up in the family’s backyard. The babysitter made sure neither of the children were near the pool and went inside to answer the phone. When she came out of the house one of the children had drowned in the small pool of water. The court awarded the child’s parents around $11,000,000.
An insureds 18-year-old son was driving the family boat on the lake. He did not see a swimmer in the water, hitting and severely injuring the swimmer. The claimant received just under $1,000,000.
Not all claims are avoidable, that is why you purchase insurance. When things go wrong, it's important to have a knowledgeable agent to help make things right. The above scenarios are real-life stories that could happen to anyone; you don't need to have a lot of money to get sued. Having an umbrella policy could prevent and limit out of pocket expenses. Rates are usually affordable and well worth the cost.
If you already have umbrella coverage, it's always a good idea to review your policy with your broker. If you do not have umbrella coverage, please contact us to learn more.
Gary Marcus
Insurance Broker and Consultant
516.810.2735
