Regular attention must be paid to keeping underlying coverages in place without any gaps, offering higher umbrella limits and recommending uninsured motorist/underinsured motorist coverage.
As automotive claim severity increases for bodily injury, property damage and collision, clients should consider protecting themselves with uninsured or underinsured motorist umbrella coverage.
The harsh reality of unprecedented losses and unprofitability in homeowners and auto insurance means the extra protection provided by personal umbrella coverage is growing more and more necessary.
The recent trend of rising liability injury claims for home and auto owners that exceed traditional policy limits has moved Mercury to unveil an all-new personal umbrella insurance policy.
Is it best practice to ensure that the personal umbrella policy effective date aligns with the date on the homeowners policy, personal auto policy or any other underlying coverage?
In an incident when operating a business-owned and insured vehicle, there was personal liability once the business auto policy paid the full limit.
If an insured has a $1-million, combined single limit (CSL) on an auto policy and they exhaust the auto CSL and the umbrella limits, would the limit for the umbrella be reset for any other loss?
“I envision consumers will continue to realize the importance of an umbrella policy,” says independent agent Taylor Justice. “I have personally seen a large increase in young individuals wanting to protect themselves with a personal umbrella policy after
Independent agent Priya Arora finds that many of her clients think they don’t need the added protection that a personal umbrella provides. “They don’t like to think about lawsuits, but they need to be educated about the risk,” she says.
Independent agent Laurie Noel always offers personal umbrella coverage because “underlying policy limits are not always enough,” she says. “With the increasingly litigious society we’re all living in, personal umbrella has become more important than ever