Just as it’s important to know what is covered under your various insurances, it is equally as vital to understand what won’t be covered. Umbrella insurance policies can attach to just about any type of indemnification that you have already purchased.
Umbrella Insurance Exclusions
Generally speaking, your umbrella insurance will not pay for situations that are related to crimes committed or fraud. When relating to business ventures, you may encounter situations where you have been the victim of libel or slander, and it can extend to the court costs involved in fighting these actions, but not if you have been the perpetrator.
Umbrella insurance also will not usually cover your own injuries in the event of an accident, but when attached to your liability indemnification, will be applied to pay the medical expenses and lost wages of the other driver. In addition, it will not cover repairs to your vehicle but only that of the person you hit.
You may encounter problems associated with contracts that can cost your business money, but these are typically outside the purview of umbrella insurance. Your Oak Ridge Insurance Services agent can be of assistance when detailing the complete list of covered perils and those that are not included. Additionally, umbrella insurance is not a requirement by law for those living in the Oak Ridge, NC region but is entirely voluntary.
Umbrella insurance may not be available for every type of watercraft, and there will generally be exclusions based on the size and category of the vessel.
Oak Ridge Insurance Services Is Here To Help
We are pleased to offer insurance products and services to our clients living in and around the Oak Ridge, NC area. We invite you to stop in to discuss your situation further or to reach us online or by telephone.