Posted by: jmwilsonmga | March 20, 2012

Personal Umbrella : Insurance for Added Protection and Peace of Mind

I do not think anyone would disagree that we live in an ever-growing, litigious society these days.  A society that sees the development of new reasons to sue each other on a regular basis.  The very concept of suing someone for posting slanderous comments on their website or social media page did not even exist 30 years ago, yet we hear stories about this type of scenario all the time today.  So, how do you ensure that your clients have the best protection possible when it comes to their personal assets?

ALWAYS offer a personal umbrellaPersonal umbrellas are not just for the wealthy anymore!

Very rarely would the existing limits for someone’s home, auto and personal liability suffice in the event of a law suit due to slanderous comments being posted online, an inexperienced driver that causes serious injury to another driver on the road, or any of the many other situations that can occur.

The larger the assets, or the more familiar a face is in society, the more reasons there are for obtaining more coverage under a personal umbrella.  There are additional coverages that your insureds’ primary underlying policies may not even respond to or offer, such as extra defense costs that become crucial in the face of a law suit or injury.  These coverages on a personal umbrella policy are intended to be “activated” once the limits of your insureds’ underlying policies have been exhausted.  If dealing with a law suit, your insureds’ underlying liability limits could be exhausted almost immediately.   The price for these extra coverages is nominal, especially when you consider the amount of additional coverage and peace of mind your insureds are receiving for this price.

Most personal umbrella carriers have underlying limit requirements when it comes to offering a quote to your insured, and can vary depending on the company.  Be sure to discuss with your J.M. Wilson underwriter what their company’s underlying requirements are to make sure your client is in compliance with these guidelines.

High risk individuals like public celebrities need coverage, too!  But, you may have a hard time finding standard markets that will write them, especially if there are prior losses or poor MVR histories in the household.  That is where JM Wilson can really help your higher risk clients.  We have access to a great personal umbrella market that caters to either the great driver, or the not so great driver.  Maybe you have a local celebrity or public official that is in need of coverage.  We can help with that, too!  With both admitted and non-admitted personal umbrella products available, please be sure to discuss your next potential risk with one of our knowledgeable and friendly personal lines underwriters.  We can point you in the right direction and help you get the best product for your clients.  We can also supply you with great examples to share with your clients that reiterate the importance of the additional coverages that a personal umbrella provides.

About the Author : Stacey Kiser, Personal Lines / Garage Manager

Stacey has been a part of J.M. Wilson for over six years and currently serves as the Personal Lines Department  Manager.  She oversees the day-to-day activities of the Personal Lines team in addition to the garage underwriters.  She also maintains her own book of business for both departments.  She loves the variety of her job and that every day poses new challenges and opportunities to solve problems.  In her free time, Stacey loves to paint, draw, write music, play the piano, and sing.

Connect with Stacey on LinkedIn!

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use.

Copyright 2012 J.M. Wilson Corporation


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