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Personal umbrella insurance: are you working with an expert? Recent data shows that 54% of high net worth (HNW) individuals have reservations about their current coverage, yet less than one-third actually seek out HNW insurance expertise.

At C&S, we often get questions from people wondering if they are adequately protected by their home and auto policies, and in many cases they are not–either because they never asked about supplemental coverage or because their agent works with standard, mass-market carriers who don’t address the needs of high net worth households. Meanwhile, significant gaps may exist in their liability protection.

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High-end personal umbrella is unique in several key ways, including:

  • Higher Limits – Up to $25M for those who need it
  • Multi-State Programs – For those who regularly live and work in different parts of the country
  • International Auto Insurance – Coverage that can automatically step in when you’re driving abroad

HNW personal umbrella insurance is also a smart way to address the following exposures:

Uninsured Motorist and Personal Liability Coverage

According to the Insurance Information Institute (III), roughly one in eight drivers is uninsured. Many more are seriously under-insured, creating major risks for other drivers on the road. But highways aren’t the only places where others’ negligence and mistakes can harm your family. School, work, sports fields, and the gym all come to mind as alternative examples. And again, not everyone has adequate liability coverage to address the losses you might suffer there. Uninsured motorist and uninsured personal liability coverage can keep you ahead of potential at-fault third parties.

Nonprofit Board Member Insurance

Did you know that as a nonprofit board member, you can be held liable for certain claims against your organizations–including breach of fiduciary duties or wrongful termination? With personal excess liability insurance, you can add personal director’s liability insurance (nonprofit D&O) as an endorsement to your policy. So if defense costs or settlements exceed your organization’s liability limits (or if your organization has no liability coverage at all), you could rest assured you were protected.

Employment Practices Liability Insurance for Household Employees

Wrongful employment allegations happen all the time–even in household employment situations. Claims related to harassment, wrongful termination, discrimination, and invasion of privacy are all too common in this litigious day and age. EPLI coverage can easily be added to a personal umbrella policy, and is often recommended for those who employ nannies, housekeepers, drivers, personal chefs, etc. If this is you, take a moment to read our segment on insurance for household employees (which should also include workers’ compensation).

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Let us help you preserve your wealth by eliminating liability gaps. Contact our team (508.594.3611; and ask about personal umbrella insurance or any of the following:

  • Vacation Home Insurance
    Owning multiple homes creates specialized insurance needs. Ask our experts to review your properties and coverage plans.
  • Boat Insurance
    Protect your sailboat, powerboat or luxury yacht with watercraft insurance that works proactively to ensure smooth sailing.