![]() ![]() They might also engage in activities that increase their risk of getting sued – landlords, sports coaches, volunteers and sportspeople at a high risk of injury being some examples. People who make use of umbrella insurance usually own property, have vast amounts in savings, or engage in activities that are at a high risk of causing injuries. Who might benefit from an umbrella insurance policy? The added coverage is useful in situations where a significant volume of expensive assets are at risk of being sued. This could mean the difference between being fully covered, and potentially picking up a hefty bill as a result of your normal policy limits.Īn umbrella insurance policy primarily protects against damage to property or accidental injuries, however it can also protect against libel, vandalism, slander and invasion of privacy. One example is the following scenario: if are involved in a car accident, you are at fault, and car repairs and injury treatment total over $500,000 – or whatever the cap is on your policy – then umbrella insurance will pick up the cost beyond the limits of your car insurance coverage. It comes into force if your other liability policies hit their limit during the course of a claim, and the cover will pick up the remaining costs that you are liable for. Umbrella insurance – also known as an excess liability policy – is designed to protect you from major claims and lawsuits, and is often a key component to a solid asset protection cover.
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