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WHEN THE WORST HAPPENS - serious bodily injury to persons or major property damage for which you are held legally responsible - WILL YOU BE PROTECTED?
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Insurance companies will typically write Personal Umbrella policies only for existing clients who place their auto insurance with them. This is because the liability incurred from an auto accident is usually the greatest exposure an individual may potentially face. Note that when a loss occurs, the underlying coverage of the applicable policy (auto, home, etc) always pays against the loss first. The umbrella pays second as a supplemental coverage.
With this in mind, exposure to liability losses of catastrophic size is no longer limited to large corporations or the wealthy. Inflation and the willingness of the public to sue has increase the number of lawsuits and the size of awarded judgments.
Most Automobile, Homeowners and Recreational Vehicle or Boat Liability limits are not sufficient to cover some of the court awards made today. Also, most policies exclude protection for such personal injury charges as defamation of character, invasion of privacy, trespass, libel and slander. Our Special Umbrella covers many of these exposures.
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Our Special Umbrella provides three important liability coverages:
* Liability insurance which is in addition to the limits of your Automobile, Homeowners, and Recreational or Boat Liability Limits.
* Coverage for unknown or unexpected exposurs excluded in many Automobile, Homeowners and Recreational Vehicle or Boat Liability policies. A few exclusions will still apply (consult the policy for details).
* Coverage for the cost of our attorney defending you. This includes court costs, interest on judgements and premiums on necessary bonds.
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The Special Umbrella imposes a $1,000 Self Insured Retention which is the portion of a loss that you agree to absorb before our Special Personal Umbrella policy would apply to cover a loss not covered by any other type of liability policy. The purpose of umbrella coverage is to pay for the larger losses that could cause financial destruction to you and your family. you, therefore, pay for (self-insure) the smaller more affordable losses not covered by any other liability policy.
To determine what umbrella policy would be suitable/applicable in your particular situation, and what it's cost would be, please contact us via the following link.
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IN THE EVENT A CLAIM AGAINST YOUR EXCEEDS THE AMOUNT THAT YOUR BASIC LIABILITY INSURANCE LIMITS WILL PAY, YOU WILL LOSE PERSONAL ASSETS AND/OR
FUTURE INCOME.
In Texas, if a judgment is rendered against you, the following assets are exposed:
1. Liquid Assets: Stocks, Bonds, Savings, Cash, Mutual Funds, etc.
2. Seizure of Certain Property:
* All automobiles except one;
* Boats, motorcycles, RV's, Golf Carts, etc;
* All real property except your primary residence, including rental property, vacation homes, vacant land, time shares, etc;
* Other valuables & collectibles, jewelry, furs, art.
3. Future Income: A judgement may be placed on 35% of your monthly income for 10 years.
Note: While your primary residence cannot be seized, a lien may be placed upon it. Upon sale, any equity proceeds may be seized.
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