We've all heard the stories: A lawsuit pops up and someone watches their assets disappear right before their eyes. And unfortunately, it seems to be happening more and more nowadays - but it doesn't have to happen to you. With a Personal Umbrella (also known as excess liability coverage) policy from Haylor, Freyer & Coon, you're protected from catastrophic loss, and your hard-earned assets and future earnings are too.
With access to many different insurance markets, Haylor can deliver a range of policy options at competitive prices. And even if you've already made the smart move of purchasing an umbrella policy, we'd be happy to review your current coverage to ensure you're getting the best possible coverage for your money.
Common Personal Catastrophic Loss Events
You have a party at your home. All children were given helmets before riding their bikes on the paved areas. A child removes their helmet and is badly injured.
The child’s parents sue and are awarded $1.1 million. Home Insurance covers: $300,000
Without Umbrella Coverage, you pay: $800,000
Your child hated math class as well as the teacher. They made several disparaging remarks about the teacher online and the teacher read them.
The teacher sucessfully sues the parents for $750,000. Home Insurance covers $100,000
Without Umbrella Coverage, you pay: $650,000
You turn a corner and accidentally injure a pedestrian in the crosswalk. He spends a few weeks in the hospital recovering.
Medical costs and lost wages amounts to $1.2 million. Auto Insurance Covers: $300,000
Without Umbrella Coverage, you pay: $900,000
The Importance of Personal Umbrella Coverage
A personal umbrella policy can cover a vast array of circumstances, but some common examples are:
Automobile Liability - Provides coverage when you are operating a vehicle and injure someone else or cause damage to their property
Uninsured/Underinsured Motorists - Protects you if you are in an accident with an at-fault driver who does not carry or does not have enough liability insurance
Personal Liability - Protection from damages or injuries associated when you or someone in your household injures other people or property
Recreational Vehicle Liability - Provides coverage when you are operting a recreational vehicle and injure someone else or cause damage to their property
Watercraft Liability - Covers claim damages or injuries associated when you are operating a watercraft vehicle and injure someone else or cause damage to their property
Personal Umbrella Coverage Explained
Important Note: Everything listed on this page is meant as general information and the generalized policy descriptions are designed to help you understand the different coverage types. These guidelines and descriptions do not refer to any specific contract of insurance, carrier, or terms of service. They do not modify any definitions, exclusions, or any other provisions that are directly stated in any contract of insurance. We highly recommend that you speak with your insurance advisor and review your policy fully to understand your coverage.
Personal Umbrella - Frequently Asked Questions
Why should I have a personal umbrella policy?
A personal umbrella protects you and your assets from financial ruin. Even if you have many different points of coverage, a personal umbrella policy fills-in the gaps where your coverage is limited.
What is covered with a personal umbrella policy?
Personal umbrella policies are for protecting against unexpected liability expenses including bodily injury, personal injury, loss of wages, pain and suffering, and legal defense costs.
Who is covered by my personal umbrella?
Typically, you, your spouse, dependents, and anyone else living in your home is covered under your umbrella policy.
Plan for tomorrow - then make the most of today
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Personal Umbrella - What It's Not For* :
The matrices of local, state, and federal laws that govern auto insurance and the variation between policy types and insurance carriers are far too complex to list every situational exclusion that is applicable for all. Below are some common examples of coverage points/clauses that may detail these exclusions in the policy and should be carefully noted when purchasing coverage. We strongly advise consulting with a licensed insurance agent to review your policy and discuss any situation where your claim may fall into exclusion and be denied.
Personal/Business Disruption - No coverage for losses or damages to your personal or business property
Disruption of Business - No coverage for claims related to business-related damages or losses
Criminal or Intentional Acts - There is no umbrella coverage available that covers illegal acts or consequences resulting from intention to harm
Contracts/Contractors - There is no umbrella coverage available that relates to contracts you've entered into with another person or entity
*Not applicable to all insurers and policies. Please click on the ? icon above for more information.
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We have had a long and successful working relationship with Haylor (HF&C) resulting in the best insurance value for our money over the years. In particular their day to day customer service has saved us considerable time and effort... Read More »