Hilb Group has partnered with a selection of the top-performing insurance carriers to provide you with the best possible coverage.
Our team will take the time to understand your specific insurance needs and will provide you with a umbrella insurance policy at competitive rates.
“You don’t have to be a millionaire to be sued like one” ~ Aetna Travelers
Personal umbrella insurance provides liability protection over and above the insurance policies that you currently have, with additional benefits: – Liability protection for claims not covered in your existing homeowners, auto, or boat insurance policies. Legal fees for claims that are not covered by your other insurance policies; these expenses will be paid in addition to your policy limit. These benefits also extend to rental property owners who have renters’ policies.
Additionally, umbrella insurance covers the policyholder and other members of their family or household.
Umbrella insurance provides coverage above and beyond your base insurance policies (auto, boat, homeowners, and renters); the claim against you doesn’t have to involve your property or vehicle or boat for your umbrella insurance to cover it.
Umbrella insurance provides you with liability protection wherever you travel in the world, except homes and cars you own under other countries’ laws.
How Does Umbrella Insurance Work?
Personal umbrella insurance provides liability protection over and above the insurance policies that you currently have.
If you get sued and settle for $1,000,000, your deductible will be $1,000 for the policy involved (auto or homeowners in this example).
- The umbrella policy will pay: $700,000
- Your base policy will pay : $299,000
- You pay your deductible: $1,000
Example of Umbrella Insurance Claims
While on a play-date at a friend’s home, the kids played with the family dog as they often did. Unfortunately, on this day, the dog reacted negatively to their play and bit the guest on the arm. The injury required hospitalization.
The $675,000 claim exceded the homeowners’ liability limit. The umbrella policy covered the excess.
While driving in wintry conditions, a couple’s teenage son lost control of his car, slid through an intersection, and hit a pedestrian who was crossing the street.
Unfortunately, the accident hospitalized the pedestrian. The claim exceeded the couple’s policies’ liability limit, but their umbrella policy covered the excess.
During a July 4th party at a family’s lake home, the insured’s son was having fun with the family boat. Unfortunately, he collided with a swimmer causing significant injuries and hospitalization.
The claim was paid in full and was just short of the umbrella policy’s maximum liability limit.
While driving late at night, the insured drifted out of his lane, clipping an adjacent car and causing it to spin off the road. The accident hospitalized the driver of the other vehicle with multiple injuries. Unfortunately, the claim exceeded the $300,000 liability limit on the insured’s auto policy. Without a home or any assets of value, the court garnished his future wages for nine years.
The insured was hosting his friends for their once-a-month get-together. First, they would meet in a bar for a couple of drinks and then return to the insured’s home for a game of cards. It was a beautiful night, and they sat outside. One of the friends left to use the restroom and did not return. Unfortunately, he tripped over a small retaining wall, fell, and suffered severe injuries.
After several months in hospital and multiple surgeries, the hospital released him as an incomplete quadriplegic. He will spend the remainder of his life in a wheelchair.
The claim was significantly higher than the insured’s homeowners’ liability coverage: the umbrella policy covered the claim fully.
The insured hosted her children and their friends for a fun game of paintball in the family home yard. The homeowner gave all a safety briefing before they were permitted to play. During the game, one of the invited friends removed his safety headgear and was hit in the eye with a paintball.
The claim exceeded the homeowner’s $300,000 liability coverage on the home insurance policy. The personal umbrella insurance policy settled the claim.