Personal Umbrella Insurance

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Personal Umbrella Insurance 2017-04-13T11:38:10+00:00
Businessman and questionsYou do not have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep.

Umbrella policies offer inexpensive peace of mind for most types of negligence claims. Automobile accidents are probably the most common source of serious claims. This policy supplements your basic automobile liability with extra million-dollar layers of protection. It also covers other types of catastrophic claims such as a neighbors child drowning in your pool or the delivery man being seriously injured by falling over your childs toys.

With a sharp increase in the number of law suits and their subsequent demands for higher recovery – it’s worth talking to your agent about. Lott & Gaylor has provided umbrella policies to our clients for over thirty years here in Fort Myers, Cape Coral and Naples Florida. While many people perceive umbrella’s as only an extra layer of protection above and beyond their auto and home liability limits; many umbrella insurance policy’s also broaden coverages to the point where they actually cover some losses that are typically excluded on the standard home and auto liability forms.

Talk to your Lott & Gaylor Insurance representative today about our umbrella insurance products. Peace of mind may be more affordable than you think.

A typical personal umbrella liability policy provides the following protection, up to the coverage limits specified in the policy:

  • Protection for claims of personal injuries or property damage caused by you, members of your family/household, or hazards on your property, for which you are found legally liable
  • Personal liability coverage for incidents which occur on or off your property
  • Additional protection above your basic auto policy for auto-related liabilities
  • Protection against non-business-related personal injury claims, such as slander, libel, wrongful eviction, and false arrest
  • Legal defense costs for a covered loss, including lawyers’ fees and associated court costs
Personal umbrella liability insurance typically provides extremely broad coverage. Furthermore, if something is not expressly excluded from coverage, it is covered. Although exclusions can vary, the following are some items typically excluded from coverage:

  • Intentional damage caused by you or a member of your family/household
  • Damages arising out of business or professional pursuits
  • Liability which you accept under the terms of a contract or agreement
  • Liability related to the ownership, maintenance, and use of aircraft, nontraditional watercraft (jet skis, air boats, etc.), and most recreational vehicles
  • Damage to property owned, used, or maintained by you (the insured)
  • Damage covered under a workers compensation policy
  • Liability arising as a result of war or insurrection