Umbrella insurance also known by the name Extra liability cover provides financial protection against all your assets under a single insurance plan. Here are some facts relating the same.
So, apart from the assets it also secures your future by providing cover or protection against any heavy claims or lawsuits. This is an added advantage of the cover which other than the assets covered also provides for any of the claims.
Salient features of such a policy
1. If you opt for an umbrella policy with your insurer, it may offer you at a discounted rate.
2. With wider scope, coverage is extended for more number of likely threats such as false arrest, defamation, liability protection.
3. On owing the insurance, enhanced coverage is offered on primary health, life or medical policies.
4. With the drop-down feature, you can fill up the gap in your other policies.
So, in a case if you see any likely liability arising in future course of time such as property damage or you have rented out a property and expect a likely default on the par of the tenant. Prosecution in the court of law of some malicious nature, legal processes coming your way or any other bodily injuries then you can surely go for the cover provided you do an insightful research and know rightly beforehand as to what you need.
In India, Tata AIG leads the umbrella insurance policies among all other insurers.