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Umbrella insurance- What is it and who needs it?

Protect yourself with a separate personal liability policy

One of the most mysterious and misunderstood insurance products could be one of the most important.

Umbrella Insurance is a separate personal liability policy that can be triggered to respond in the event of a liability lawsuit when your base policy (Homeowners or Auto) is exhausted or in some cases there was no coverage available, such as libel and slander.

As personal assets increase and the rise in lawsuits are seen in Canada, the importance of increased liability limits is becoming an important consideration. An umbrella policy also has an advantage on the cost factor. It is usually less expensive to purchase an umbrella than just increasing the limits under your Home & Auto policy.

Like most insurance products, pricing, coverage and wordings can vary between individual insurance companies.

A conversation with your broker regarding your assets, property locations, your travel routines such as renting vehicles, volunteer exposure on boards should all be discussed to determine your needs and find a proper policy to provide protection.

Article provided by: Dan Kerr, RIBO, CRM, CIP, Account Executive