Umbrella Insurance coverage is a secondary layer of insurance and acts like an “umbrella” to protect you and injured parties. Though not common in discussions, it benefits an insured by adding another layer of protection to meet insurance needs. This coverage is in addition to other insurance like auto, renter, and homeowner insurances.
Additional Liability Protection
If you are in a situation where you are liable for someone’s injuries and claims, an umbrella policy is beneficial. After using all available primary insurance coverage, the umbrella policy kicks in to protect you and your assets from excess liability. That means if someone suffers injuries due to your actions, the umbrella policy helps take care of the injured party beyond your primary insurance limits. Additionally, the insurance protects your assets from liability claims and/or lawsuits.
Help With Excess Damages
If you suffer severe injuries due to someone else’s negligence, ensure your attorney asks about umbrella coverage on the at-fault party. For example, you are in a car accident suffering severe injuries and there is not enough auto insurance to cover your medical bills and claims. An experienced attorney will conduct research for umbrella coverage on the at-fault party. The additional insurance can be helpful recover losses due to the accident.
Other Claims
In addition to liability protection, umbrella coverage may help with professional liability, lawsuits, property damage and unpredictable situations. Adding the coverage to your insurance will help injured parties in case of serious accidents. It is important to plan ahead in case of an accident.
The Merdes Law Firm has been helping injured Alaskans for more than 30 years. It’s who we are. And while we hope you never need us … We’re here if you do. ~ Ward Merdes
Sources: Trusted Choice; The Balance; Ward Merdes
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