Personal Umbrella Insurance

What Is Personal Umbrella Insurance and Why Is It Important?

Personal umbrella insurance, also known as personal excess liability insurance, is an important asset protection vehicle for your net worth, future earnings and tangible assets. Personal umbrella insurance is one of the most vital, yet often overlooked, aspects of a comprehensive insurance strategy for personal insurance needs. This type of insurance extends beyond standard policies, providing an additional layer of liability protection, and is crucial for safeguarding assets against unforeseen claims and lawsuits.

A common misconception for high-net-worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) is that they can only obtain $1-5 million in coverage, especially if they are currently with middle market carriers that only offer up to those limits. We represent multiple premium insurance carriers that recognize that the sophisticated need to be protected with sophisticated, robust insurance products and services. 

In today’s increasingly litigious world, it’s necessary to protect your personal assets and net worth with appropriate limits to avoid the financial burden of out-of-pocket expenses in the event of a liability lawsuit. 

Through various markets, we can offer some of the broadest umbrella coverage available with limits up to $100,000,000. As assets and exposures grow over time, it is necessary to readdress liability needs to make sure that there is adequate coverage in place. This is something that is meant to adjust as your lifestyle shifts.

Having teenage drivers, pools, secondary homes, ATVs, snowmobiles, and watercrafts all come with their own fair share of liability concerns that can be addressed with personal umbrella coverage. It’s important to learn and understand proper risk management steps that can prevent losses from happening in the first place and having appropriate coverage in place to shelter your lifestyle. If a personal lawsuit does happen, a personal umbrella insurance policy is one of the most important tools that you can implement into your overall wealth preservation strategy.

Personal Umbrella Insurance Options to Consider

• Underlying Limits
• Umbrella limits
• Excess Uninsured/Underinsured Motorist Coverage
• Excess Uninsured/Underinsured Liability Coverage
• Worldwide coverage
• Personal Injury Protection
• Personal Employee Practices Liability
• Not-for-Profit D&O coverage
• Group Personal Excess

Personal Umbrella Insurance Items to Consider

• Properly covering your net-worth, future earnings, and tangible assets
• Understanding your public profile
• Adequate coverage for the liability exposures of sitting on a not-for-profit board
• Insurance protection while employing domestic staff
• Identity Fraud
• Rental vehicle coverage
• Libel/slander/defamation of character

Interested in discussing with an insurance advisor from our team? Let’s chat!

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