Researching Insurance can be quite challenging. You might think of more questions for every answer you find while browsing through various options and policies available for optimizing protection for your ministry.
Given the increasingly litigious world we live in, the umbrella policy is gaining popularity more than ever before. If you’re wondering whether it’s right for your ministry, we’re here to chisel away the queries list you may have while giving you all the details you need to make an informed and profitable decision. Let’s start with the basics; what is umbrella insurance?
Umbrella Insurance FAQS Answered
What is Umbrella Insurance?
Simply put, an umbrella insurance policy protects the existing coverages and liability limits of other policies. It’s designed to pick up where other coverages leave off to protect your assets. Also known as an excess policy, it provides coverage for property damage, injuries, personal liability, and lawsuits too.
Depending on the provider, umbrella policies sometimes cover the types of damages not covered by other underlying policies. For instance, claims like slander, libel, false arrest, and liability coverage on personally-owned rental units may be covered by the umbrella insurance policy.
Why Is Umbrella Insurance Important?
To make things simpler, let’s take the example of the assets you own. These assets play a crucial role in fostering financial security for you. From investment accounts to your house, car, savings and checking accounts, and even estimated future income streams can be viewed as assets.
If you have to face lawsuits that cost you a substantial sum of money that isn’t covered by the insurance, you’ll need to pay for the expenses and damages out of your pocket. This could lead to unprecedented financial hardship, which you can avoid by streamlining a reliable umbrella policy through Integrity Now Insurance Brokers. It’s the best way to forestall the prospective financial disaster caused by an unforeseeable accident or an unintentional misstep.
Can I Be Sued Beyond The Limits Of Umbrella Insurance?
Regrettably, the answer is yes. Let’s assume your umbrella policy has a limit of $2 million. If the court awards damages over the limit, you’ll need to cover the gap from your pocket, which could again mean having to sell assets.
Fortunately, many insurance carriers offer incremental limits with high caps that can be added beyond the underlying coverage limits. This means you can have a limit of $1.5 million for the underlying policy, with the umbrella limit being $5 million. So in this scenario, you’ll end up having $6.5 million in total.
Speak To Qualified Specialists at Integrity Now Insurance Brokers
Get all the information you need to optimize protection for your nonprofit or religious organization by contacting us at 877-854-7396. Whether it’s umbrella insurance, group health insurance, workers’ compensation insurance, sexual abuse or misconduct insurance, professional indemnity coverage, church property insurance, church liability insurance, directors and officers insurance, commercial auto insurance, or any other policy, our church insurance agents will scout out the best applicable discounts and connect you with top-rated insurance carriers in your town.
We’re an independent insurance agency offering services to over 50 states across the United States. Our agents are committed to helping you find the best possible value in your budget.
Make sure the overall insurance plan includes coverages specifically designed to suit your nonprofit or religious organizations. Our expert agents can help devise personalized insurance plans with terms and conditions that are in your favor and policies that suit your unique needs.
Schedule a consultation or email us to get started. Integrity Now Insurance Brokers will help you find all the information you need to identify the risks and devise a proper risk aversion plan for your house of worship.