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 Posted: Mon Aug 09, 2010 8:57 am Post subject: Umbrella insurance criteria |
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I'm looking for some extra liability protection and thus wanna get an Umbrella policy. I'd like to have some information on the queries that I'll face when I face the agent.
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Craig_puyol
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| Posted: Mon Aug 09, 2010 4:15 pm Post subject: |
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| An agent can probably better answer that question but usually carriers will only write an umbrella policy if the person already had a liability policy. As such, it's usually with the same company. They questions should be the same as the general liability... they would be questions pertaining to the risk involved. |
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tcope
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| Posted: Tue Aug 10, 2010 6:04 am Post subject: |
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| Well, I guess you'd be asked about accidents you had been involved with apart from usual traffic violations. But, if you're asking about general information that they might seek, then it's all about your Name, DOB, marital status, licensing state and the year that you got licensed. |
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steven
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| Posted: Fri Aug 13, 2010 9:56 am Post subject: |
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Yes, your insurer will certainly look for information concerning accidents and traffic violations for about 5 years. Also remember, that they'll be looking for information regarding your present carrier as well as your claims history.
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Juanita
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| Posted: Fri Aug 13, 2010 10:44 pm Post subject: |
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In addition to claim history, driving records, etc., an umbrella liability policy is designed to be a secondary layer of coverage that is above an beyond the limits of liability on your personal insurance policies. Because of this the insurance companies will require that you to carry higher limits of liability on your underlying policies. For your auto insurance, most companies will require you to carry 100,000/300,000 or 250,000/500,000 limits of liability on the primary policy. For home, boat, rv's or motorcycles they will usually require 300K in liability. The umbrella is priced on the assumption that the claim must exhaust the primary policies limits of liability before they will reach the coverage provided on the umbrella.
It is also an exposure based policy and is priced based on the various types of items you own. They will want to know how many homes you own. This will included your primary home, rental properties and vacation homes. They will want to know how many vehicles your own, how many drivers are in the household and if there are any youthful operators. They will also want to know if you own an RV, Boat or Motorcycle and the details associated with any of these. Basically, anything that can be considered a liability exposure.
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InsuranceDude
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| Posted: Sat Aug 14, 2010 9:22 am Post subject: |
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There could be a series of queries coming your way. They might ask if any of your household members are suffering from physical or mental impairments. They might also inquire about your employees (if any).
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sil
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| Posted: Sun Aug 15, 2010 2:43 pm Post subject: |
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The umbrella policy is normally pretty easy to obtain, inexpensive relative to the coverage received and an outstanding policy to have when you need or want the extra coverage.
Contact your agent and I feel certain they will happy to assist you with this.
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Glen R VerHagen, CIC
VGW Insurance, LLP
www.Quotes4insurance.com
Specialists for Home & Auto Insurance
"Without your business; we don't have a business" |
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InsuranceDude
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