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Umbrella Liability Insurance

Extra Protection in an Unpredictable World

Someone is injured at your cottage and can no longer work. Your child seriously injures another child while playing hockey. Your teen causes a ten-car accident on the highway.

We all do what we can to avoid tragic accidents, but if they occur it doesn’t have to mean financial ruin for your family. Umbrella liability insurance picks up where most policies leave off to cover larger amounts awarded in lawsuits. Talk to us about your lifestyle, and we’ll help you find the coverage that meets your needs.

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What is Umbrella Liability Insurance?

Umbrella insurance extends your total personal liability coverage above and beyond what most home, auto, watercraft and other policies provide. Umbrella coverage is designed to give extra financial protection so you don’t have to pay the balance of very large claims out of pocket.

For example, say someone slips and falls on your icy driveway. They fall backwards, sustain a serious head injury, and file a lawsuit against you. The judge finds in their favour, and awards them $800,000. But the liability coverage on your homeowners’ insurance is $300,000. Additional umbrella coverage can pay the rest — depending on your coverage, you can be covered for up to $10 million.

Good umbrella policies also contain additional coverage for damage to your reputation from libel and slander, pays legal fees and covers lost earnings if you have to go to court.

Canada is becoming a more litigious society. Professional advice from the experts at Palladium will help you understand and manage your risks.

Who Needs Umbrella Liability Insurance?

Anyone can be a target for legal action, even if they don’t earn a high income or own a business. If an accident has long-term consequences for the victim, they may want compensation for additional medical costs, rehabilitation, and loss of income from being unable to work.

Talk to one of our insurance experts about extending your personal liability coverage if any of the following types of scenarios apply to you.

  • Your family likes to entertain.
  • Your home has a pool, trampoline, play structure, or other recreational amenities. 
  • You own a cottage or a rental property.
  • You own a boat, snowmobile, or all-terrain vehicle.
  • You travel frequently, and drive in other countries.
  • You’re active in the community or volunteer.
  • You’re involved with nonprofit organizations, including condo corporations.
  • You’re active on social media.