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GUNDRUM INSURANCE

  & INVESTMENTS, LLC

Personal Umbrella Insurance

* The above descriptions are generalizations and should not be relied upon when determining coverage. You must refer to actual policy wording when determining whether or what type of coverage applies

Generally speaking a personal umbrella can provide slightly broader coverages than the underlying policies. Providing worldwide protection is an example of this broadening of coverage. Personal umbrellas are not designed to cover business exposures.

If you ever hire a financial advisor or if you listen to financial advisors on the radio they will universally recommend this coverage.

Personal umbrella policies are designed to provide liability protection over and above the liability limits shown on your auto, home, cycle, all terrain vehicle, snowmobile and boat insurance policies. The underlying policies are listed and a charge is made for each exposure. A liability limit of $1,000,000 is the most common amount of coverage purchased. Higher limits of $2,000,000 up to $5,000,000 are frequently available. The liability limits of the underlying policies must meet the requirements of the insurance company writing the umbrella. Generally the insurance company writing the umbrella will require that they also provide coverage for the underlying policies.

You can add uninsured and underinsured motorist coverage to an umbrella policy. This would provide extra coverage should you or a family member be injured by an uninsured or underinsured driver who was at fault. Adding this coverage can double your umbrella premium. Adding the uninsured and underinsured motorist coverage to an umbrella policy is optional.