Umbrella insurance is also known as liability insurance. It provides additional coverage for situations where the costs associated with an accident, lawsuit or property loss exceed the limits of primary insurance coverage. Most people are aware of the need for the automobile and homeowner’s insurance to protect themselves against the financial risks of auto accidents, personal liability and property damage or loss. Umbrella insurance gives you additional coverage, beyond the insurance policies you already have for your home or car. This is the additional protection you need to better protect your property and yourself.
What is Umbrella Insurance?
Umbrella Insurance or Supplemental Liability Insurance is an additional coverage that goes beyond the coverage you have on your policies. If your coverage is exhausted on your home, car insurance, or other similar policy, your umbrella policy goes into action!
To be able to obtain it, you must have proof that you already have other “primary” insurance policies in place for all known risks such as your car, boat, or residence.
It is essential to understand that complementary civil liability defends you from things that have nothing to do with your car or at home, such as false arrest, false custody, slander, illegal access or expulsion are included in your umbrella.
Umbrella insurance policy offers you the following coverage:
- Additional civil liability – Up to $ 5 million of liability will be added to your home, my auto TM policy coverage.
- Legal responsibility – Additional protection if you are sued for causing bodily injury or property damage.
- Legal expenses – The payment of your legal fees if they are not already covered by your other insurances.
- Loss of income – The payment of your income losses incurred while you prepare your defense in court.
- Global coverage – Wherever you are on the planet, you always take umbrella insurance with you.Even more savings – Yes, you are still eligible for all ING Insurance discounts.
**Certain conditions apply. For more details, consult your policy or ask your broker.
There are different reasons for umbrella insurance:
- To protect yourself and your family from the worst of scenarios.
- Consider the risks you may face.
- Consider the value of your assets.
- Estimate the potential risk of future income loss.
Possible benefits of Umbrella coverage:
- The limit of the liability section of your Auto and Home policy will be higher.
- Global coverage for prosecution outside Canada.
- Extended coverage to non-owned aircraft and non-owned vessels.
- Protection against the worst scenarios with additional limits.
- Broader definition of bodily injury and injury.
- Solid protection for a few days
Because Umbrella Insurance is designed for protection those stormy days, it’s very affordable and versatile.