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Umbrella Insurance - Go for It

May 11, 2011 | Comments: 0 | Views: 111

Umbrella or excess liability insurance is a cover that protects your assets and any future income beyond a standard cover limit. If you have substantial assets and have a higher income, this is a cover that you should consider purchasing. You can get sued any time for third party damages, for example if someone slipped on the floor of your business or fell down the stair case of your house, they could sue you to pay for the medical bills incurred or if you caused damage to a luxury vehicle and have only a standard insurance cover, you would have to pay the difference out of your pocket, which can be very expensive. The wealthier you are the higher the probability that you will be targeted for third party lawsuits.

Professionals and business people working with the public often buy multiple insurance covers, including umbrella insurance cover. Companies do not offer the same rates for all umbrella insurance covers, however there are a few things to consider when purchasing one. Get referrals from friends and relatives, they will be more honest in giving you the best information on the cover they have bought and their claim experience. Ask about the cost and the probability of any hidden fees, this is not uncommon for some companies. Get a list and value of your assets as this will be used to quote. Request for quotations from several companies and do a comparative study. Get a clear understanding of the policy, you can involve a lawyer to clarify to you about any ambiguous clauses.

When you meet with the sales agent, you should expect many questions regarding your finances and claim experience too, if there is any. Similarly you should also ask questions regarding the company. Get to know the company age and history; a very young company may not be in a position to settle complex liabilities; however do not discard new companies totally, just look for stability. If the company has a wide client base in umbrella insurance, that's a healthy sign of good performance and credibility. Find out if they buy any form of re-insurance, these acts as a cushion in the event of expensive claims, or in case of a natural disaster, that might result in mass claims. It is also important to find out, if the claim settlement is done in full, or for any reason they hold back any of the funds. After all, you want peace in your moment of need.

To know more about umbrella insurance policy, do visit the following links what is an umbrella policy and contact

Source: EzineArticles
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