Marble Insurance Services, LLC
Umbrella Insurance
An umbrella liability policy is an important coverage to have during these litigious times, especially if you have accumulated a substantial amount of assets. Umbrella coverage provides liability protection beyond the basic limits of your Auto and Homeowner policy. Most policies are sold in increments of 1 million; however, the premium is usually a lot less than increasing your primary liability limits on your auto or homeowner policy.
Umbrella Liability (AKA Excess Liability) provides additional coverage when the limits of insurance on an underlying policy are exceeded. For instance, if you have $1,000,000 coverage under General Liability and you have a claim settlement for $1,500,000, the umbrella policy would pick up the additional amount. Umbrella Liability policies add coverage to General Liability, Hired and Non-owned Auto Liability, and Employer's Liability for a single premium.
Umbrella liability insurance provides additional protection for your business against catastrophic losses that are covered under liability policies, such as the Business Auto Insurance policy, commercial general liability policy, watercraft, and employer’s liability coverage. If a claim payment on an underlying policy reaches the limit of the policy, or if the total of claims on a policy brings it to the annual aggregate limit, umbrella liability policies can provide excess limits. It can also protect against some claims that underlying insurance policies do not cover. What Expenses Would Be Covered by an Umbrella Liability? Lawsuits, legal costs, court awards, and out-of-court settlements can reach staggering sums, which can be more than your current business liability policy provides. An umbrella insurance policy can help to cover costs that other policies cannot.
Call 408-778-5531 to speak with one of our friendly Customer Service Representatives.