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Umbrella Insurance

Personal or commerical insurance (including auto, homeowners, and other policies) comes with liability limits. When you suffer damages and exceed these limits, you can be left paying out of pocket for the difference.

While you can upgrade your existing insurance coverage, many standard policies are capped at $500,000 and a custom personal and commercial umbrella insurance policy may be a smarter way to go.

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What Does an Umbrella Insurance Policy Cover?

Personal or commercial umbrella insurance is similar to contingency insurance and is designed to cover the cost of damages that exceed your personal insurance limits.

Many customized umbrella policies include the following:

  • Global insurance coverage – Helps cover damages incurred or caused anywhere in the world.
  • Lawsuits, court costs, and other legal fees – This coverage better protects your assets and can pay for damages resulting from claims made by others, holding you responsible for causing property damage or accidental harm. Umbrella insurance can also protect you if sued for defamation of character, libel, slander, and more.
  • Dog bites – You are liable if your dog hurts a person or another animal. Umbrella insurance is often your only real protection if you own an aggressive breed of dog.
  • Recreational vehiclesATV, RV, boat, and motorcycle owners can better protect themselves from losses and claims related to these vehicles. You can also be protected against the costs of lawsuits and judgments involving rented recreational vehicles such as scooters, jet skis, boats, and more.
  • Construction projects – Ensure that you are fully covered as the owner or contractor with umbrella coverage designed especially for you.
  • Fiduciary liability coverage – Protect your employee benefit plan fiduciaries against mistakes that result in claims of mismanagement.
  • Aircraft insurance in California – Aircraft and aviation marine insurance can be added or upgraded with an umbrella policy to protect you and others against a wide range of unforeseeable situations.

Gallant Risk & Insurance Services, LLC, offers umbrella insurance to cover all the above situations. Our customized umbrella coverage can significantly enhance your insurance policies with options that increase your limits to $5 million.

Personal or Commerical Umbrella Insurance for Construction Projects and Other Businesses

OCP Insurance Vs. Builders Risk

If you carry an owners or contractors insurance policy (OCP), you have liability protection for your construction project; however, this does not cover damages that you may incur from the following circumstances:

  • Theft and vandalism
  • Weather-related damage
  • Fire or explosion
  • Other structural damage

Builders risk insurance policies can cover accidents and other incidents that cause damage to the structure but will not cover liability claims or tools, equipment, and other property belonging to anyone besides the insured.

Contractors general liability insurance covers bodily injuries or property damage accidentally caused by you; however, it doesn’t cover your property or equipment.

What Does Fiduciary Liability Insurance Cover?

Fiduciary liability coverage is a specific management liability policy that protects fiduciaries against claims by employees related to the mismanagement of benefit plans or assets. If a plan administrator makes a mistake that causes plan participants to suffer a loss, they can be held personally liable.

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What Umbrella Insurance Doesn’t Cover

There are common exclusions associated with umbrella insurance. Some of the circumstances in which this coverage may not apply may include:

  • Floods – Umbrella insurance doesn’t usually cover flood damage. However, it may protect you if you cause losses or injury due to water. In these scenarios, payment is made to a third party.

An umbrella policy may cover water damage when:

  • You live or rent out space in a shared building, such as an apartment, duplex, or condo, and are responsible for overflowing water from your unit, causing damage in one or more adjacent apartments or condos.

The benefits of flood insurance can be immeasurable, and Gallant Risk & Insurance Services offers several flood insurance policy options to choose from.

  • Uninsured motorists – Umbrella policies are not typically designed to cover uninsured motorists.

Uninsured motorists coverage is better suited to protect against damages caused by an uninsured or underinsured driver who causes injuries or damage to your property.

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Corona, CA 92883

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