Dartmouth Umbrella Insurance
Extra cover you may need
We can talk a lot about Umbrella insurance, but to keep it simple, think of it as extra liability insurance over and above your primary insurance policy(ies) that is designed to help protect you from major claims and lawsuits.
How Umbrella Insurance protects you and your assets
Umbrella insurance protects you, the insured, in two ways:
- It provides excess liability limits above the policy limits on your [primary] home, auto, boat and other general insurance policies.
- Umbrella policies can provide you with broader coverage; that is, even if your primary policy does not provide that coverage, you could look to your umbrella policy to cover the claim. If the umbrella responds to the claim, it ‘drops down’ becoming your primary policy (hence the term, ‘drop-down effect’). Since you have not yet paid a deductible, you will have to pay the policy’s ‘SIR’ (self-insured retention, which is a deductible: the portion of the claim you must pay first before the Insurer pays).
Who needs to purchase Umbrella Insurance?
If you have a lot of assets, this could mean you could be fined more because you have more. It’s an unfair possibility – but if the courts feel the victim deserves the compensation for sustained bodily injury or property damage and feels that you, as the responsible party, have the means to pay it, then having Umbrella coverage could protect you.
Suzy Maclellan has provided some additional information on video – feel free to view at your leisure. If you have any additional questions, or if you would like us to quote and discuss this coverage with you further, contact us!
Halifax – Dartmouth Insurance at Founders Insurance Group
For a quote on Umbrella protection, contact Founders Insurance Group today. Founders has insured the people of Nova Scotia and New Brunswick since 1982. We know how to protect your assets and our goal is to provide you the information, as well as the coverage, so you can better protect your assets.
Complete the Protection Savings Form on the right-hand side of the screen while it’s still fresh in your mind. You will receive a free, no obligation umbrella insurance quote.
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