Umbrella Insurance may be more accurately described as an excess liability insurance, and is one of the many types of coverage that many people have heard of, but don’t really know much about. This policy protects you from claims and lawsuits filed against you where you may be negligent in causing damage to property of others or causing them injury or death. This form of coverage provides an additional liability limit over and above the primary limit offered under home, vehicle, condo, tenants, auto, recreational vehicles, recreation property etc.
The expert brokers at Bow Valley Insurance of Calgary have been providing Alberta residents with comprehensive coverage options at excellent rates for 35 years. We represent several insurance companies that offers Umbrella insurance and can get limits anywhere from one to several millions dollars.
Those with numerous assets or potential excess liability issues can benefit greatly from umbrella coverage.. When you buy an umbrella liability insurance policy, you are placing another layer of protection over your assets.
If you have a number of recreational vehicles like snowmobiles, ATVs, a golf cart, a boat, or a canoe, and are often spending time at your cabin or vacation home with family and friends, umbrella coverage is a great option. You will be optimally protected in the case of an accident resulting in injury or property damage.
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As the exact details of coverage and exclusions varies from company to company and are often specific to the exact assets and activities of the prospective buyer, it is important to go over your policy and speak to your provider should you be unclear on any detail. Umbrella policies are good hedges against breaching your damages cap, and also for covering situations in so-called “gray areas” where there may be exclusions in your standard homeowners and automobile insurance coverage.