20 Months later he got a letter in the mail from a lawyerNicholas Springer
What is an Umbrella?
Umbrella: "a collapsible shade for protection against weather consisting of fabric stretched over hinged ribs radiating from a central pole" (Merriam-webster.com)
Well, technically that is correct. But I was referring to something else!
Kind of like that bright object Shannon is holding, the Umbrella I am referring to is something that also protects you. That's why it got the name Umbrella.
The insurance umbrella is an extra layer of protection that, at it's base, increases the liability protection of the underlying policies, namely the Home and Auto policies.
Most of our clients carry higher-than-standard limits because we have seen a need over the last 32 years for higher protection limits. While many families feel protected at lets say $100,000 of coverage, others may not. Even $300,000 or perhaps $500,000 may not give a client the level of peace of mind that they want. This is where the Umbrella truly shines.
I'll give you an example.
My neighbor bought a new little SUV a few years back. The thing was like six months old when he got into a minor fender bender. I remember them talking about it on our street when it happened. It was not a big deal, like no damage to the car at all. The other vehicle very had minor damage, like bumper paint or something. No one was hurt. No ambulance - nothing.
20 Months later he got a letter in the mail from a lawyer, maybe Bob, Bob, Bob and Bob or something like that. He showed it to me - not as his agent, because I wasn't, but as a neighbor that was an insurance agent. He was getting SUED.
...for 2 Million Dollars!
After he realized he wasn't actually having a heart attack, he took a breath and his Personal Umbrella Policy came to mind. He may not go bankrupt after all.
I tell that story a lot, and I honestly don't know how it turned out. Since he never really brought it up again, I don't think it was a worse case scenario as their lives kept on as normal. But that is the power of the Umbrella. That policy is there to give you peace of mind because the insurance company has your back. He gave those lawsuit papers to his adjuster and he was done. The Company took care of it all.
Talk about protection for a rainy day! What is that worth?