If you are the unfortunate recipient of a lawsuit brought against you over injuries or property damage that you have allegedly caused, the amount of financial recompense the individual seeks may very well go over the limits of any current policies you might have. Policies such as homeowners or automobile insurance may often be deficient. This is where Umbrella insurance can step in to save the day. It is an insurance policy that is meant to provide additional coverage that goes beyond the limits of liability established by other policies that you have in effect.
There are many substantial advantages in obtaining an umbrella policy. First on the list is the amount of additional coverage offered, often times to the tune of $1 million or more. The second is that this kind of coverage is also designed to provide the insured with funds to help pay for the cost of hiring a legal team to represent him or her. Expenses for a lawyer can add up dramatically quickly and easily have a tally of more than $10,000 before you know it. By purchasing an Umbrella policy, the insured is no longer subject to extra financial worries or the threat of going bankrupt during the course of a legal defense process.
The third helpful point in having an Umbrella insurance policy is that it offers you the extra liability coverage that is not available in your auto or home policies. If you are sued due to an accident that happens while you are operating a leased car or boat, this coverage can be a life-saver. It can even provide coverage for legal matters arising from decisions you have made as a serving board member for a non-profit organization, for example.
An Umbrella policy does so much but it also provides invaluable peace of mind. No matter how wealthy an adversary who has filed a lawsuit against you may be, you will have an insurance policy in place that can meet these challenges, such as medical bills, lost wages or so-called pain and suffering that can total up to millions of dollars. Call one of our insurance professionals today for more information.