Umbrella Policies for Affluent Individuals

An umbrella insurance policy, also commonly referred to as excess liability insurance, is an insurance coverage that helps to cover certain losses that exceed the liability limits of your underlying homeowner or automobile insurance. If you are an affluent individual and are looking for an extra layer of insurance to help protect your assets, contact Cross Private Client Insurance to learn more information about your insurance options.

What Does Umbrella Insurance Cover?

Subject to policy limits, terms, and conditions, umbrella insurance is designed to cover liability exposures that exceed the limits of your underlying liability insurance coverage. Examples can include an auto or boating accident, a guest suffering an injury at your home, or causing accidental injury or property damage to a third party. The following are some coverages that can typically be included in an umbrella insurance policy:

• Other Individuals Bodily Injury Liability
• Other Individuals Property Damage Liability
• Lawsuits Regarding Defamation, Libel, Slander, or Invasion of Privacy
• False Arrest or Imprisonment
• Legal Costs Related to Some Incidents

Additional Considerations  

Everyone should consider including an umbrella policy as part of their overall insurance program, as it can be an important tool to help mitigate your risks and protect your assets.  Additionally, you should be sure to discuss umbrella coverage with your insurance agent if:

• You are a public figure
• You have domestic employees
• You regularly host parties at your home
• You or your spouse serve on a school or charitable board
• You have children living at home
• You have a swimming pool
• You have dogs or other animals

How Much Does Umbrella Insurance Cost?

Just like any other insurance coverage, the price of umbrella insurance can vary depending on a variety of factors. Among others, some factors that may impact price include:

• The types and amounts of coverage you select.
• How many vehicles you may own and their make and model.
• The state that you live in.
• The number of homes you own and where they are located.
• Other assets that are of high monetary worth.

Request a Quote

No matter if you’re looking for a new umbrella or excess liability policy or you are looking to renew your existing policy, the knowledgeable team at Cross Private Client Insurance would be happy to speak with you about your insurance coverage options.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.