The personal liability coverage available through a standard homeowners or automobile policy simply may not be enough, so you may want to consider purchasing a
personal excess liability policy.
Plaintiff insurance company sought a declaratory judgment that a personal
excess liability policy did not cover the injuries sustained by the defendants in an auto accident where their adult son was the driver.
Before that, Mills successfully sold real estate; banking products for JPMorgan Chase Bank; fire, life and casualty insurance and financial services, including fixed and variable annuities and mutual funds for Farmers Insurance; and home, auto, boat and
excess liability policies for Auto Club of Southern California (AAA).
Umbrella and
excess liability policies provide the additional protection you need in case a judgment against you exceeds the liability limits of your existing auto, home, or other insurance policies.
If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella or
excess liability policy, which provides broader coverage and higher liability limits.
Excess liability policies are generally intended to provide limits that exceed the underlying policy, but there may be exclusions that mean the policy is not as broad as the Law Society program policy.
Excess Liability Policy — A policy that provides additional limits in excess of an underlying liability policy.
In its most basic form,
an excess liability policy extends the limit of insurance coverage to find an existing insurance coverage, otherwise known as the underlying liability policy.
Our agents can help answer your questions and concerns when it comes to having enough liability and get
you an excess liability policy to fit the needs of your MA business.
Not sure whether a general liability policy or
an excess liability policy is the right choice for your Connecticut, Massachusetts or New Jersey business?
Excess liability policies are designed to provide coverage above the limits of underlying coverage of your other business insurance policies.
It's possible to get additional coverage with a Personal Umbrella or Personal
Excess Liability policy,» advises Worters.
The way to gain protection above your policy limits is to purchase
an excess liability policy.
An Umbrella or
Excess Liability policy is not part of your Homeowners policy but makes a supplemental insurance coverage, which you have to purchase separately.
However if you own a property or have investments and savings that are worth more than the liability limits under your policy, consider purchasing an Umbrella or
Excess Liability policy, which will provide extra liability coverage to protect your assets.
If you didn't have
an excess liability policy, your vehicle insurance could pay the first $ 1 million, but you would be on the hook for the other $ 1 million.
An umbrella is
an excess liability policy that kicks in in the event that you exhaust your liability limits on your home or auto coverage.
Please contact Electric Insurance FIRST for questions about the Payroll Deduct program or for service for any auto, home or
excess liability policy.
The excess liability policies are supposed to supplement a driver's individual coverage, providing coverage at the point where personal policies leave off.
Some excess liability policies may offer coverage for Uninsured / Underinsured (UM / UIM) Motorists Protection, one example is Ace Insurance.
If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella or
excess liability policy, which provides broader coverage and higher liability limits.
This insurance usually is an add - on to
an excess liability policy, but a stand - alone policy can be purchased when appropriate.
If the incident is covered under
your excess liability policy, you can also be reimbursed — up to $ 10,000 — for reasonable expenses incurred by involving your personal attorney.
You can also buy an Umbrella or
Excess Liability policy, which provides higher limits and broader coverage.
You are only covered up to the dollar limits of the policy you chose, but you may purchase
an excess liability policy if you want a higher liability limit.
Without
that excess liability policy in place, you would be responsible for the additional $ 2 million out of pocket.
However, if your business has a business owner's policy, it's still a good idea to review the coverage for liability that your policy affords, and if necessary, add
an excess liability policy as a separate insurance product to make sure protection is in place.