Overhead Capital LTD provides umbrella insurance, which is liability insurance more than other specified policies. It is also the primary insurance covering losses not covered by the insured's other policies. If an insured is liable to someone, their primary insurance policies will pay to the limits. The umbrella policy pays any additional amount up to the limit of that policy.
Property and casualty insurance policies have limits. You are responsible for the costs beyond the coverage limits if you do not have umbrella insurance.
This secondary form of liability coverage protects you above and beyond the limits of your homeowners, condo, watercraft, car, or other personal insurance policies. It also offers added liability protection for lawsuits or claims for which you may be responsible.
Insurance companies will determine the underwriting requirements for an umbrella policy. The policy will clearly state the minimum amount of liability coverage required to qualify for the umbrella coverage. For example, Ohio requires a minimum amount of liability coverage for an auto policy that may not be enough to meet the umbrella policy's minimum underlying insurance requirements. You would then increase your liability limits on the primary policy, then add the umbrella policy for the added protection you desire.
Property and casualty policies limit liability coverage which pays for expenses for an injured person's medical bills, lost income, and rehabilitative therapy. The liability portion of a policy also covers legal defense fees. When you consider the expenses and the legal fees, the standard liability in an auto policy or homeowner's policy may not be sufficient.
Almost every state has financial responsibility laws that hold drivers responsible for property damage and bodily injury resulting from accidents. The at-fault driver can be sued for the damage and personal assets seized if a lawsuit results. It is important to remember that you can still be liable for damages awarded with future earnings even if you have no assets.
Overhead Capital LTD of Lebanon, OH can help you determine if the amount of coverage you currently have to protect your assets is adequate. Ensure your peace of mind by contacting us today for a no-obligation quote. Contact us today.