SCARSDALE, N.Y. -- When something has gone terribly wrong, a personal policy is important to give you extra liability above and beyond the limits of your other insurance policies. Advocate Brokerage in Scarsdale takes the time to explain the importance of ensuring all of your assets
An umbrella policy can keep you protected from lawsuits that come after an accident occurs on your property, while driving your car, even when you are at someone else’s home. The policy provides you with an attorney and pays legal fees regardless of the settlement.
While an umbrella policy is a good idea for anyone, it is especially important for high net worth individuals. If you have assets and fall into any of the below categories, an umbrella policy can help provide extra protection:
- Have teenage / college age children
- Entertain large groups of people
- Have a swimming pool or boat
- Have a trampoline or tree house
- Have domestic / private staff
- Own an ATV or motorcycle
- Own a dog
Advocate Tip: In many states someone who is partially responsible for an accident can be held fully responsible for damages under the laws of joint & several liability. For this reason, lawyers often name the party most able to pay as the responsible party rather than the party that is the most at fault.
Generally speaking, umbrella liability coverage should start where the limits on your homeowners and automotive insurance end. However, your umbrella policy requires that you carry specific underlying limits. Failing to do so can leave you with a gap in coverage and you would be responsible for paying the difference.
Most of Advocate's umbrella policies pay for the legal defense cost without using up the liability limit and some include the cost of having a public relations firm protect your reputation.
Advocate Tip: It is imperative to inform your insurance agent about any new drivers, as well as all the vehicles and properties you own so that they can be listed on the policy.
Our advice will always be to play it safe. Advocate Brokerage encourages its clients to live their life to the fullest and let an insurance professional take care of the details.
For more information on how Advocate can help you with a Personal Umbrella Insurance Policy, click here. Or simply give us a call, we would be happy to review your risks and provide additional information on an Umbrella policy that will allow you to have peace of mind.