Our umbrella insurance policies add protection to your pre-existing insurance such as homeowner’s, boat, auto, and bed and breakfast policies. The name umbrella arises from the fact that it covers you collectively. The basic policy covering your home, motor vehicle, boat, and inn will first apply to compensate victims up to the extent specified by the policy limit. Beyond that, umbrella insurance is used to offset any additional damages up to the maximum threshold.
The advantage of obtaining umbrella insurance is that you are sure of coverage even for some risks that are not well-stipulated in your pre-existing policies. For example, a homeowner’s policy may not include defamation as one of the risks it covers, however, an umbrella policy may protect you against this.
What Does Umbrella Insurance Cover?
Just like ordinary insurance coverages, an umbrella insurance policy protects you against claims by other people for injuries sustained or property damaged by you or a person of your household. At the same time, it covers personal liability for hazards at or around your property. This insurance acts as an external layer of protection after your basic policies. Umbrella insurance also helps protect against non-business-related liabilities such as wrongful eviction, defamation, and false arrest.
Umbrella Insurance Policy
Did you know that umbrella insurance will pay the costs of legal defense in the event of a court case? These costs include attorney’s fees and corresponding court costs. The biggest advantage of this policy is the fact that it covers you wherever you are when any of the stipulated circumstances occur. At Skeele Agency, Inc., we warn you of the risks you face so that you are prepared. For example, the umbrella insurance does not cover you if an accident happens within a dwelling or with a motor vehicle with foreign ownership. If it is evident that you had anticipated or maliciously caused damage to property, you should not expect this policy to cover you.
At the same time, you are not covered if the liability arises from the use or maintenance of property that you own or look after. Similarly, if the liability arises out of acts of war and insurrection, the umbrella insurance is nullified. Other exemptions for coverage include damages already covered by a workman’s compensation and liabilities that arise from the use or maintenance of aircraft, non-traditional water vessels, and some recreational motor vehicles.
Advantages of Umbrella Insurance
Our umbrella insurance policies begin where your primary or basic policies end. For example, you can use a homeowner’s policy as protection for your boat. However, this policy is limited and may not cover certain risks associated with the deep waters. Examples are pollution, damage to the environment, wreck removal, and salvage work.
In fact, most basic policies insure your boat while it is on inland water bodies such as lakes, rivers, and man-made waterways. Interestingly, they do not cover you while you’re out in the ocean. For these reasons and others, you should consider obtaining an umbrella insurance policy from Skeele Agency, Inc. to protect yourself, your dependents, and your property from any eventualities that may arise.