Your Personal Umbrella Policy Built Right with a Principal Advisor, because it Matters
Liability insurance protection designed quickly, accurately and simply. Count on it.
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A specialized insurance agency with access to many sought-after companies for personal umbrella policies. And, top notch risk management — it’s eye opening!
You need a great carrier but you need an amazing advisor first. Notable Risk invests carefully in each client to structure smart and reliable personal liability insurance policies with leading insurance companies. Busy clients rely on Notable Risk to dig into the details and access the market, through its networks, to find dependable coverage that creates value and removes surprises.
Notable Risk believes that a family’s #1 insurance priority, right now, is to build trustworthy liability protection. Coverage that is missing or structured incorrectly may leave massive gaps. Notable Risk works closely with each client to reverse unintended risk exposures and, in many cases, obtain great coverage at affordable premium prices.
Clients gain significant insurance-carrier access and benefit from coverage that is built carefully and quickly.
Count on Notable Risk to leverage a 20+ year background in risk management expertise to find the right personal umbrella insurance solution.
A specialized insurance agency with access to many sought-after companies for personal umbrella policies. And, top notch risk management — it’s eye opening!
You need a great carrier but you need an amazing advisor first. Notable Risk invests carefully in each client to structure smart and reliable personal liability insurance policies with leading insurance companies. Busy clients rely on Notable Risk to dig into the details and access the market, through its networks, to find dependable coverage that creates value and removes surprises.
Notable Risk believes that a family’s #1 insurance priority, right now, is to build trustworthy liability protection. Coverage that is missing or structured incorrectly may leave massive gaps. Notable Risk works closely with each client to reverse unintended risk exposures and, in many cases, obtain great coverage at affordable premium prices.
Clients gain significant insurance-carrier access and benefit from coverage that is built carefully and quickly.
Count on Notable Risk to leverage a 20+ year background in risk management expertise to find the right personal umbrella insurance solution.
We solve your unknown problems
A few of the activities to assess when you work with an insurance agent and you also get a risk-management expert
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- Entertaining at Home
- Driving Cars
- Steering Watercraft
- Hiring Residential Staff
- Riding ATV’s and Golf Carts
- Running Snowmobiles
- Raising Children
- Volunteering on Boards
Financial Well-Being Requires being Prepared for the unexpected
The Details Matter when Building a Personal Umbrella Policy (a lot)
The challenge is that families shouldn’t wait to purchase a personal liability insurance policy, but careful attention to detail is required when structuring coverage. Families need a trusted, hands-on advisor to work closely by their side to build coverage that will protect so many of the things that matter the most. Simply put, this has to be done right.
How your Personal Umbrella will be Built to Meet Your Needs
Notable Risk has 20+ years of top risk management know-how for clients to leverage.
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Click to either (a) Schedule an Intro Call or (b) Complete a Digital Risk Assessment to start building coverage — with help from a principal advisor at each step along the way.
At any point along the way, clients can call their advisor for help at 888-897-4815, including the weekend. One of many private-client concierge services!
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After completing the Digital Risk Assessment, we curate personalized primary or excess liability coverage options and then access top personal umbrella policy carriers to obtain competitive quotes.
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We create a personalized video tour that walks through quotes. Your advisor can help with any questions and you are a few steps away from biding coverage!
Notable Risk designs highly personalized umbrella insurance coverage with top insurance carriers and specialist companies.
Personal Liability Protection is Not Simple but it’s a Top Priority. Work with a Top Risk Advisor.
Choose (click) how you prefer to start now, or call 888-897-4815
Private Clients can count on Notable Risk’s ability to leverage a 20+ year background in risk management expertise to find solutions to fit their needs
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6 Key Requirements to Pay Close Attention to When you Buy a Personal Umbrella Policy! And, we’ll help you…
Ask lots of questions, it's our job to educate you!
Underlying Personal Auto Coverage
Your auto carrier must typically meet an AM Best financial rating and you are required to maintain minimum liability limits on a per occurrence and aggregate limit
Personal Injury Protection
Public remarks on social media and more can lead to exposure. Today’s environment requires coverage for slander, defamation, etc.
Underlying Homeowners Coverage
Homeowner’s companies need minimum AM Best financial ratings while you must maintain minimum personal liability coverage amounts (both individual and total limits)
Typical Exlclusions
Many umbrella policies may only extend limits on top of the primary home and auto coverage. Typically, if it’s not covered in the base coverage, assume it’s excluded.
Underinsured and Uninsured Motorist
Typically, up to $1.0m in coverage can be added to increase your underlying auto limit for accidents with an at fault driver who has limited or no coverage (an all-too-often issue)
Commercial Policies
A personal liability policy will not extend coverage to commercial insurance. If your rental home has a commercial property and general liability policy, it will likely be excluded in your personal umbrella.
Secure Data and Confidentiality Matters
Notable Risk places great emphasis on data privacy and takes various measures to ensure the safety and security of their customers’ information. All customer data is encrypted during transit and while at rest, and email safety measures meet the strict standards adopted by various healthcare organizations. Additionally, Notable Risk employs the services of a professional cyber-security company to assist in monitoring the safety and security of their systems.
Comprehensive Risk Advisory Services Impact You
Access to essential value-added services to manage risks is provided to clients. Notable Risk’s emphasis on minimizing exposures, in addition to personal umbrella coverage, enables clients to potentially avoid risks before the reliance on insurance starts. In today’s world, this can be particularly crucial and may save clients significant time and money.
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Personal Liability Insurance FAQ (important things, simple explanations)
Can I obtain a personal liability policy from a company other than my homeowner’s carrier?
Yes. There are companies that specialize in standalone personal-umbrella products. In many cases, you can obtain a standalone primary personal-liability policy for an amount up to $5.0 million at a relatively affordable cost. To the extent you require coverage limits above this amount, you will likely need to obtain at least one, or more, excess policies. When the primary and secondary (or excess) personal-liability policies are combined, you have a better opportunity to obtain higher coverage limits.
Who needs umbrella insurance?
At Notable Risk, we believe a wide range of individuals can benefit from a personal umbrella. While it may not be feasible or arguably necessary for everyone, there are certain people and situations where umbrella insurance can likely provide valuable coverage. Keep these in mind:
1. High net worth individuals: If you have significant assets or wealth, you may be at a higher risk of being targeted in lawsuits seeking substantial damages. Umbrella insurance can help protect your assets by providing extra liability coverage above and beyond what your primary policies offer.
2. Homeowners: Owning a home comes with potential risks such as accidents on your property or injuries caused to others while they are visiting for a backyard barbecue. In the event that someone sues you for damages resulting from these incidents, umbrella insurance can help cover any costs that exceed the limits of your homeowner’s policy.
3. Vehicle owners: Auto accidents can lead to expensive medical bills and legal claims if someone is injured or killed as a result of the accident. Umbrella insurance provides added protection in case you are found liable for damages exceeding the limits of your auto policy.
4. Landlords: If you own rental properties, you could face legal actions from tenants due to injuries sustained on their rented premises or other related issues like wrongful eviction claims. Having umbrella insurance can safeguard against potential financial losses resulting from such lawsuits.
5. Parents with teenage drivers: Teenagers tend to have less driving experience and are more prone to accidents than experienced drivers. As a parent insuring young drivers under your auto policy, adding an umbrella policy ensures adequate coverage in case they cause severe damage or injury in an accident.
6. Individuals with high-risk hobbies: Engaging in activities like boating, skiing, or owning a swimming pool increases the likelihood of accidents occurring. If you participate in such high-risk hobbies, umbrella insurance can provide additional coverage to protect against potential liability claims resulting from these social activities.
Personal umbrella coverage is a big and important one! You need to carefully assess your individual circumstances and discuss solutions with a trusted insurance agent.
Should I obtain underinsured and uninsured motorist coverage with my umbrella?
Yes. Notable Risk strongly recommends that all clients obtain additional coverage in their personal-auto policy and under their personal-umbrella policy to provide reimbursement for covered losses related to these risks. According to the Insurance Information Institute, an estimated 12.6% of drivers were uninsured in 2019.
How much does a $2.0 million dollar personal-umbrella policy cost?
Generally, personal-liability policies can be obtained very affordably given the protection they provide. There are various factors that help determine the cost for each million dollars of personal-liability protection. Some of the factors include the number of autos in the household, whether there is a watercraft, drivers in the households and their ages, driving infractions, number of homes to insure and more. Also, keep in mind that all policies are not the same and the policy form must be read carefully to understand what is, and isn’t, covered in each case. That said, assuming a client has very limited exposures, a $2.0 million dollar personal-liability policy can be obtained for approximately $500-$700 before another approximate $325-$525 for uninsured/underinsured motorist coverage. Importantly, your individual situation is unique.
How much does a $5.0 million dollar personal-umbrella policy cost?
Depending on individual risk factors, a personal-umbrella policy can be obtained affordably. Some of the factors that determine the rate include the number of autos in the household, whether you have a watercraft, drivers in the households and their ages, driving infractions, number of homes to insure and more. Remember, different companies provide different levels of coverage. Putting this important detail aside and assuming a client has very limited exposures, a $5.0 million dollar personal-liability policy can be obtained for approximately $900-$1,200 before another approximate $325-$525 for uninsured/underinsured motorist coverage. Keep in mind that each situation is unique.
What are a personal umbrella insurance policy does not cover.
Personal umbrella insurance provides an extra layer of liability coverage beyond what is offered by your homeowners, auto, or other primary insurance policies. While it offers broad protection, there are certain exclusions that are typically not covered under a personal umbrella policy. It’s important to understand these exclusions to ensure you have adequate coverage for potential risks.
1. Intentional acts: Personal umbrella insurance generally does not cover intentional acts or illegal activities committed by the insured individual. This includes actions like assault, fraud, or intentional property damage.
2. Business-related activities: Umbrella policies usually exclude coverage for business-related activities conducted by individuals in their capacity as business owners or employees. Separate commercial liability insurance is necessary to protect against such risks.
3. Professional services: Personal umbrellas typically do not provide coverage for professional services rendered by doctors, lawyers, accountants, and other professionals who require specialized liability coverage specific to their profession.
4. Property damage caused by vehicles you own: While personal umbrella policies may cover bodily injury resulting from automobile accidents involving vehicles you own (above the limits of your auto policy), they often exclude property damage caused by those same vehicles.
5. Damage to your own property: Umbrella insurance generally excludes coverage for damages sustained to your own property due to events like fire, theft, or natural disasters. Homeowners or renters insurance should be relied upon instead.
6. Workers’ compensation claims: Claims arising from injuries suffered by domestic employees (e.g., housekeepers) are usually excluded from personal umbrella policies since they fall under workers’ compensation laws and require separate coverage.
7. Aircraft and watercraft liabilities: Most standard personal umbrellas impose limitations on aircraft and watercraft liabilities due to the higher risk associated with these modes of transportation; separate specialized insurance may be required in such cases. For example, certain boat lengths, maximum speed or engine horsepower may exclude a watercraft from coverage.
8. High-risk hobbies. Activities like skydiving, bungee jumping, or racing cars could be considered too risky for standard underlying coverage and therefore excluded from a personal liability policy.
It’s crucially important that individuals review their policy documents carefully and consult with their insurance provider to fully understand the specific exclusions and limitations of their personal umbrella coverage.
Will my personal-liability policy also extend to my children?
Yes, assuming your underlying homeowner’s insurance policy covers the children living in your household and absent unusual circumstances. In fact, one important component of a personal-liability policy is that it protects you from covered losses that are caused by your children. For example, your child may accidentally injure another child while playing on the playset in your backyard, or even accidentally injure the other child while visiting at the friend’s home.
Will my umbrella cover my high-speed or large-horsepower watercraft?
You should assume not, unless confirmed in writing by your insurance company or insurance agency. Generally, watercraft that exceed certain lengths, engine horsepower or speed (among other things) are typically excluded. As an example, you should assume that boats that exceed 45 feet, 300 horsepower or 50 mph will not be covered under your personal-umbrella or excess policies.
Do I need to obtain minimum limits of automobile liability on my underlying insurance policy?
Absolutely. It’s very important that you carefully follow all the requirements set forth in the insurance application and the policy in terms of the type of underlying insurance coverage (and this extends beyond simply automobiles) that must be maintained to qualify for, and maintain, your personal-umbrella policy. The limits are set by each carrier and further vary based on the risk exposures of each client. If you make a change at any point to your underlying insurance coverage, be extremely careful to confirm that any such changes will continue to meet the requirements of your umbrella insurance.
I own a 1-4 unit residential-rental property will my umbrella cover this property?
While you need an underlying dwelling policy (with certain minimum liability limits) for your 1-4 unit residential property, as long as the property is not covered under a commercial insurance policy, generally, your investment property of this size (for residential purposes) will be covered under your personal-liability policy. In fact, certain companies will permit as many as fifteen 1-4 unit residential investment properties.
What does underlying liability limits refer to?
A Personal Umbrella does not stand alone; it requires a certain level of primary coverage. The term “underlying liability limits” refers to the minimum amount of liability coverage you must have on your primary policies before your umbrella policy kicks in.
These primary policies can include auto, home, or boat insurance. The purpose of these underlying limits is to ensure that there is adequate coverage in place before the umbrella policy starts providing additional protection.
For example, let’s say you have an auto insurance policy with bodily injury liability limits of $250,000 per person and $500,000 per accident. If you purchase an umbrella policy with a $1 million limit and your underlying auto policy meets the required minimums (which vary depending on the insurer), then your umbrella policy will start covering costs once your auto policy’s limits are exhausted.
Common minimums include $300,000 for bodily injury per person/$300,000 per accident and $100,000 property damage limit for personal auto policies. The limits can jump depending on individual exposures.
It’s important to review and understand the specific requirements set by each insurer regarding underlying liability limits for their umbrella policies. These requirements may differ from one company to another but generally fall within certain ranges.
When does umbrella insurance kick in?
Umbrella insurance coverage kicks in when other insurance coverages, like auto or homeowners insurance, reach their individual policy limits. This additional coverage serves as an incredibly important stopgap to protect individuals from significant financial losses in the event of a lawsuit, settlement or court award that exceeds the limits set by their primary policies (i.e. the homeowners and auto insurance noted).
Umbrella insurance kicks in once these primary policies have been reached (i.e. maxed out), providing extra liability protection and covering expenses beyond what is covered by the applicable underlying insurance policies.