Excess or Personal Umbrella Insurance Policies Explained
An Excess or Personal Umbrella insurance policy is a type of personal liability coverage that goes above and beyond the amount that regular home or vehicle insurance offers. If you carry a $1MM limit on your home, vehicle, watercraft, or vacation property for example then this type of policy would sit on top and build up your limits (often for quite a bit less premium than increasing each of the underlying policies).
In British Columbia for example, it is much more cost-effective to carry $1MM on your vehicles with ICBC and then increase the limits with an Excess or Personal Umbrella that would sit on top of the $1MM ICBC limits. The alternative of increasing each vehicle to $5MM with ICBC would not be optimal and attract much more premium.
There are numerous other features that may apply to your unique circumstances that can be addressed by this type of coverage.
• Directors and Officers Liability for Non-Profits
• Uninsured Motorist
• Worldwide Rental Car Coverage
• Worldwide Coverage
• No deductible
• Liability/Reputation Protection for Libel and Slander, even when occurring on Social Media
• Employment Practices coverage for residential staff
Quite simply, it is a very cost-effective method of increasing your overall liability limits on a much broader basis than increasing each individual policy you may carry on your individual assets. With certain insurers, there are no limits on legal costs incurred for a covered loss as these are outside of the liability limit you have selected.
What limit is right for my family?
If you entertain guests at home, have teenage children, employ household staff, have a swimming pool or trampoline, own multiple residences in trusts or corporate names, own or operate recreational vehicles, jet skis, jet boats, or large yachts, and serve on non-profit or charitable boards then higher levels of protection are recommended. A good rule of thumb as a starting point would be to add the market value of your home plus your assets and your annual income to arrive at a minimum limit.
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Additional Information
For more information regarding this topic, please contact your JT Adviser, or visit us at www.jtinsurance.com This material is for informational purposes and is not intended to be exhaustive nor should any discussions or opinions be construed as legal advice. Contact your broker for insurance advice, tax professional for tax advice, or legal counsel for legal advice regarding your particular situation. JT does not accept any responsibility for the content of the information provided or for consequences of any actions taken on the basis of the information provided. © 2020 J.T. Insurance Services (Canada), Inc. All rights reserved.