Reply To: Umbrella Reinsurance
Vanshika Gupta
An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured’s homeowners, auto, or watercraft insurance. It provides an additional layer of security to those who are at risk of being sued for damages to other people’s property or injuries caused to others in an accident. It also protects against libel, vandalism, slander, and invasion of privacy.
The added coverage provided by an umbrella insurance policy is most useful to high net worth individuals who own a lot of assets or very expensive assets and are at a significant risk of being sued. Small businesses also use an umbrella insurance policy to guard against potential monetary damages arising due to claims.