Finally, a product that really increases the scope of liability coverage. Umbrella insurance is an umbrella against many unsuspected risks.
ECONOMICS
SIMPLE
Umbrella insurance: extended protection for you and your belongings
As you get older, it's quite normal to accumulate a few assets and increase your wealth, starting with your principal residence, a "must-have" for your family. rental investmentYou'll also have a few investments and financial products, etc. But what happens when an incident occurs that jeopardizes your assets? What happens when the insurance policy does not cover the insured's civil liability for all his property and assets?
That's where Assur360 comes in, raising awareness of the need for personal excess liability coverage. This type of coverage is commonly referred to in Canada as umbrella insurance.
Choosing supplementary insurance for individuals
The undeniable advantage of this type of insurance is that it broadens civil liability coverage, whether in the case of a home insurance or car insurance. To better understand the usefulness of such coverage, let's imagine that a disaster has occurred at a second home, for example, and that the value of the damage is estimated at some four million dollars. If your home insurance doesn't cover all the damage caused, it would be wise to take out umbrella insurance to extend the limit of your civil liability and better protect your property and assets.
If your civil liability insurance contract is lacking in certain clauses or guarantees, it's best to supplement it with umbrella insurance. In fact, certain exclusions may be noted in the initial contract, notably moral damages considered as personal injury. This element is generally covered by excess policies. Suppose a child falsely accuses another person of sexual assault. In the event of legal proceedings against thechildThe insured, i.e. the parent, can spend a fortune on such expenses, and this is where umbrella insurance comes in to cover them.
This insurance is also activated in the event of legal action for mismanagement of an organization managed by the insured on a volunteer basis (NPO). This means that umbrella insurance even covers the status of volunteer director or officer, when other types of coverage do not.
Affordable umbrella insurance
Contrary to popular belief, umbrella insurance is not just for the wealthy, even though it has many exclusions. In fact, it's accessible to everyone, whether you're insuring a second home, a recreational vehicle or a car. the boatThese include, for example, property used as a rental investment, financial investments and legal proceedings involving the insured's civil liability.
This kind of protection is useful in many situations, yet it is still very affordable, and the rates charged are reasonable in relation to the cover offered and the degree of coverage. To take out tailor-made umbrella insurance, it is always advisable to call on the services of a specialized broker, who can offer the right cover to suit your needs and expectations.
* The text is for information purposes only. Your broker will be able to explain the insurer's product that best suits your needs.
