16 Riverside Avenue,
Amityville, NY 11701
The Budde Agency has answers to all questions about liability insurance policies. Why do we need insurance? There are specific risks that can cause damage to you professionally, to your business, injuries to others in a car accident or injuries to others that come onto your property. One should be protected from these risks, to fight a lawsuit or pay off a claim, by being covered by specific insurance such as malpractice insurance, business insurance, homeowner’s insurance, renters insurance and automobile insurance. Each policy has financial limits which are designed to cover the expenses such as medical, personal, and legal.
As you are determining the limits of your liability, you have to add up the financial value of your assets such as all the contents of your home including, your car, stocks and bonds, Jewelry, art, antique, coin collections. Electronics, bank accounts, and certificates of deposit and more. If you are faced with significant claims and lawsuit in which there was a severe injury or death to a third party all your nonexempt assets are at risk if the damages go beyond the limits of your insurance policy.
The insurance industry has a device that addresses issues that create financial risks above the limits of your liability. Umbrella insurance provides for additional liability coverage if the limits of your relevant insurance policies liability limits are exceeded. For instance, if you caused an auto accident which resulted in $300,000 damages for the injured party, but your policy only covers $200,000, the Umbrella policy will cover the remaining $100,000 which represents the amount above the auto policy limit.
The Umbrella policy will also cover damages related to slander, libel, false arrest, detention, imprisonment, malicious prosecution, and shock/mental anguish. The Umbrella insurance policy automatically kicks in as soon as you exceed the limits of your liability policy.
The Budde Agency, Inc., Amityville, NY is an experienced New York agency in all insurance policies including Umbrella insurance, please visit us or call!