There are many types of insurance available, and what they cover varies greatly. A common type of insurance available is umbrella insurance. Umbrella insurance is excess liability insurance that may be purchased in your personal capacity or for your business. Land Home Insurance Services serving the area of Concord, CA would like to tell you a little bit more about this type of insurance.
Legal liability can cause enormous financial loss for the person or business responsible. That is why liability coverage is such a vital aspect of almost any policy. However, occasionally you may face an extraordinary situation when your standard liability insurance policies are not enough. That is where umbrella insurance comes in. It is not a primary policy. In the hierarchy of insurances, it sits above or over your standard policies. It is there to supplement these policies once they are exhausted, provided that the conditions are met for it to kick in.
In your personal capacity, umbrella insurance provides excess liability coverage, above the provisions set out by your primary policies. There are options for home, automobile, or even watercraft insurance.
Most types of commercial liability policies in California can be covered by a commercial umbrella policy. Commercial umbrella insurance may also be used to provide cover for gaps in your basic commercial liability policies, but they usually have a SIR (self-insured retention) amount that is payable before it kicks in. SIR is like a deductible.
It is worthwhile assessing your personal and commercial needs to determine whether you are sufficiently covered for any legal liability judgments. Do not hesitate! If you would like to know more, contact Land Home Insurance Services serving Concord, CA today and speak to them about umbrella insurance.