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No, we're not talking about what you use during a rainstorm…  Possibly, you have also heard the same term used concerning insurance protection. Like the one that keeps you dry on a rainy day, the insurance umbrella, also sometimes referred to as the excess liability policy, protects what is underneath it, your auto, home or business insurance liability policies.
 
Umbrellas are sold in one million dollar amounts.  In personal lines (home, auto, boat, motorcycles, RV's etc) this one million, or the selected limit, gives the extra protection over the underlying limits you have on each of these items you may own.  In business, it usually goes over the general liability (CGL), business auto and employer liability.
 
The premium you pay for an umbrella is based on the underlying limits that exist in personal insurance.  If you have just auto and homeowners liability, it is very inexpensive, and often less than $250 annually for 1,000,000 of umbrella coverage.  If you have several properties or lots of toys like a watercraft, boat, RV or cycles, the price goes up with each exposure, but it is still inexpensive for the protection it provides.  It gives you that extra peace of mind of knowing that you have done your best on protecting your assets.
 
Unlike property insurance in which you can reasonably estimate what limit to carry, the amount of liability you need is pretty much an unknown, as we can't tell the future of potential claims.  What amount you should carry is the most you can afford. With liability claims, courts or a jury decide what amounts to award.  Awards in excess of a million dollars, while not an everyday occurrence, are paid out more often than you think.
 
Just like when it rains, when faced with a lawsuit it can be very comforting to know you have an umbrella to protect you.  Call the Giovanetti Agency today for a free, no obligation quote on New Jersey umbrella / excess liability insurance….
Posted 9:24 AM  View Comments

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