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It’s critical for people to make sure that their assets are protected before there’s a boating accident. If you don’t have enough coverage to pay for medical expenses, a passenger can, and often will, sue you to cover medical costs. However, this can require you to sell your assets to satisfy the settlement against you. Umbrella insurance can help keep you protected. Learn more from the professionals at All Around Insurance Agency, serving Katy, TX.
Secondary Policy
These policies serve as secondary policies. Your boat policy will kick in first. It will help cover expenses up to the coverage limits. For example, if the policy has a $50,000 limit for passenger bodily injury, and the medical expenses are $75,000, the boat policy will cover the first $50,000. Then, an umbrella policy will kick in to cover the remaining $25,000, so you don’t have to liquidate your assets to pay the costs.
Personal Liability
Umbrella insurance typically functions as a personal liability policy, meaning it covers you in almost any incident that results in a lawsuit. This includes car accidents, accidents at your home, and often boat accidents. It’s important to speak with an agent at All Around Insurance Agency to learn more about your coverage.
Specific Exclusions
Every policy type has exclusions and coverage limits. Umbrella policies typically exclude intentional or malicious acts, including defamation. This may mean that your policy won’t provide coverage if the accident was your fault, or if it was a result of something malicious.
Agents at All Around Insurance Agency can help you learn more about how your Katy, TX policy works when it comes to boating accidents. We’ll review your policy coverage limits and exclusions and answer any questions you have. Contact us today!
