Umbrella Liability – Extra Protection for that Rainy Day

Just like an umbrella shelters you from the rain, an Umbrella policy protects you from being held personally liable for catastrophic events by giving you liability limits over and above your basic insurance policies.

An Umbrella Liability Policy is designed to increase and complement your existing primary policies. It is added to your property policy and increases additional policies such as personal auto liability and watercraft liability.

As our society becomes more litigious, both the frequency of lawsuits and size of court awards are increasing beyond the standard $1,000,000 on an insurance policy. When your standard policy limits are exhausted, you are responsible to pay the remainder out of pocket. This could mean dipping in to your retirement, savings or having to take a second job.

Here is how you can enjoy the extra layer of protection on your existing coverage:

• Up to an extra $5,000,000 liability insurance beyond your standard policy limits
• Personal injury coverage, such as libel, slander, false arrest, wrongful eviction and defamation of character
• Legal defence costs when coverage is provided by the umbrella but not covered by your primary policy.
• If you cross into the US for work, or if you plan to when the borders reopen, your policy limits are in Canadian Dollars. While you may have $1,000,000 on your auto, once you cross the border that limit drops to $700,000 (depending on the Canadian Dollar Value)
• If you sit on a board of directors of volunteer, your decisions/actions could result in being named in a lawsuit.

With the average cost of a $5,000,000 umbrella policy being $300/year, it is worth considering adding a Personal Umbrella Policy to your insurance protection. So contact us today and your Dedicated Account Manager will be happy to assist you!