5038 Cemetery Rd
Hilliard, OH 43026
Umbrella insurance is a type of liability insurance that covers losses above the claim limits of other liability insurance such as home, auto, or watercraft insurance. An insured party's primary insurance pays a claim up to its limits, and an umbrella policy covers any additional amount up to its claim limit. The coverage and requirements of umbrella insurance depend on a variety of factors, including location. Stanley Insurance Group in Ohio provides umbrella insurance in addition to many other insurance products.
Umbrella insurance is similar to excess insurance in that both types pay a claim after the primary policy's limit is reached. The critical difference between these two insurance products is in the way the coverage is handled. Excess insurance typically conforms exactly to the primary policy, except that it adds a limit on top of the primary policy's limit.
An umbrella policy in Ohio usually provides broader coverage and may cover additional risks that the primary policy excludes. Typical examples of these risks include incurred liability and the first dollar of loss. An umbrella policy that covers risks excluded by the primary policy is said to "drop down" to fill in gaps in the insurance.
Some insurers in Ohio require you to have their primary insurance with that company before they provide umbrella insurance for it. Furthermore, insurers will typically require your primary policy to have a minimum liability limit.
You could increase the liability limit of your primary insurance to the total coverage you need, provided the insurer offers policies with this limit. However, it's usually more cost effective to buy an umbrella policy, rather than increasing the limits on your primary policy above the minimum needed for the umbrella policy. Another advantage of an umbrella policy is that it includes personal-injury coverage that's unavailable from the primary policy.
Contact Stanley Insurance Group in Ohio today to learn more about our insurance products.
Our primary location is in Hilliard, OH and we serve our clients in all the surrounding cities in Ohio.