Excess Umbrella Liability

EXCESS LIABILITY INSURvANCE

Excess umbrella liability insurance extends coverage beyond the limits of a standard liability policy, offering added protection against potential financial losses arising from lawsuits or claims that surpass the primary policy's threshold. Commonly known as umbrella insurance, it acts as a supplementary layer of security, sitting atop an individual's primary coverage.

This type of insurance is sought after by individuals or businesses with substantial assets who face elevated risks of litigation. Serving Dallas, Plano, Irving, Collin, Denton, Ellis, Hunt, Kaufman, Rockwall counties, and beyond, we specialize in providing comprehensive coverage tailored to your needs.

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WHY DO YOU NEED EXCESS LIABILITY INSURANCE?

Excess liability insurance, also known as umbrella insurance, provides an additional layer of protection beyond the limits of your existing liability coverage, such as your home or auto insurance. This type of insurance is important because it offers higher liability limits, which can help protect your assets and financial future in the event of a lawsuit or liability claim. For example, if you are sued and the damages awarded exceed the limits of your standard liability coverage, your excess liability insurance can help cover the additional costs. Additionally, umbrella insurance can provide coverage for incidents and liabilities that may not be covered under your standard policies, such as libel, slander, false arrest, and invasion of privacy. To sum up, excess liability insurance offers peace of mind and financial protection for you and your family in case of a catastrophic event.

WHAT DOES EXCESS LIABILITY INSURANCE COVER?

Excess liability insurance, also known as umbrella insurance, provides coverage for a variety of claims that may exceed the limits of your underlying liability policies, such as home, auto, and boat insurance. The coverage typically includes:
  • Bodily injury: covers medical expenses and other damages if someone is hurt on your property or as a result of your actions.
  • Property damage: covers damages to someone else’s property that you’re responsible for.
  • Personal injury: covers costs related to claims of libel, slander, false arrest, and invasion of privacy.
  • Advertising injury: covers costs related to claims of copyright infringement or advertising injury caused by your business.
It’s important to note that umbrella insurance is designed to work in conjunction with your underlying liability policies and is not a standalone policy. You must have underlying liability insurance in place to purchase umbrella insurance. Overall, excess liability insurance offers added protection and peace of mind in the event of a lawsuit or liability claim.

DIFFERENCE BETWEEN EXCESS LIABILITY AND UMBRELLA COVERAGE

Excess liability and umbrella insurance both provide additional liability coverage over and above the limits of underlying insurance policies, such as auto and homeowners insurance. The difference between the two lies in the scope of coverage.

Excess liability coverage provides extra protection in specific situations that are defined in the policy, such as when the limits of the underlying policy have been exhausted or when a specific type of loss is not covered by the underlying policy.

Umbrella insurance, on the other hand, is a standalone policy that provides broader protection by covering a wider range of claims and losses, including personal injury and property damage. An umbrella policy typically covers losses that are not covered by underlying policies and increases the limits of the underlying coverage.

In short, excess liability insurance is designed to be used in conjunction with underlying policies and fills in gaps in coverage, while umbrella insurance provides an additional layer of protection for a wide range of potential liabilities.