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Episode 16: Excess vs Umbrella Coverage

Audio Transcript

You’re listening to the Ask Gary Podcast episode 16 Excess versus umbrella coverage. 

We’re here with Roxell Richards from Roxell Richards law firm, and I had no clue that title means, but she’s going to explain it. 

Yes, I am OK, so I wanted to talk about this. 

This particular. 

Uhm thing because I felt that it was something that that people would probably ask. 

This is something personally I had to figure out and learn my own since I practice personal injury. 

So yeah, let’s let’s talk about it. 

OK, what First off? 

What is excess insurance? 

OK, so umbrella and excess liability coverage pretty much are the same thing, but they do differ, so they are both designed to provide additional coverage above the limits of an underline. 

Policy, so let’s say you may have a policy in place or third party may have a or you may have a policy in place and then there is. 

You probably have an additional umbrella policy, or either an excess policy that says well in addition outside of this. 

Uhm, we will cover up to $1,000,000 in, you know. 

Damage is if you are injured or something like that as a result of a car accident, for example. 

OK, and so what’s the difference between that and umbrella coverage? 

OK, so uhm the umbrella policy? 

Like I said, it provides excess additional limits above the policy that you have in place, but when additional coverage is provided by the umbrella policy, it is usually subject to the insurance assumption of a self insured retention or retained limit. 

So it’s a bit more, UM? 

It’s a little less restrictive than the excess liability policy if I’m saying it right, yeah? 

So with Umbrella it covers pretty much anything extra and the excess might cover a specific thing. 

Yeah yeah, but they both the thing that people need to take away from this is the reason why it’s good to have. 

This is because if you’re in an accident. 

And you have like, let’s say you have a. 

Umm, let’s say your UIM coverage is 30,000. OK, right? You got hit by a third party. Their policy is 30. So you got 30,000 from them. You have 30,000 on your under under insured, right? 

    But then, here’s where this umbrella excess policy comes in. 

    Gotcha, so it would help out with the. 

    Rest of it correct? 

    Oh well, that sounds really good. 

    Sounds like I might need. 

    That yes, I would recommend everyone to get it because lately here at the office we’ve been dealing. 

    With a lot of Car accidents where, like the medical bills, have been astronomical, I mean like. 

    In the hundreds and hundreds of thousands of dollars, and I feel so sad for my clients because. 

    It’s it’s, it’s sad and they have lifelong injuries. 

    And there’s just there’s just not enough money to be able to compensate them. 

    Understandable, so if I don’t have this, I want to ask to get it put on or when I renew. 

    I definitely want to add it. 

    And let’s say I Had it and I don’t know what do I do contact. 

    Your insurance agent and if you have it, this is something that they they will guide you on, and obtaining it again I. 

    Recommend that everybody should have this, this either an excess policy or an umbrella policy. 

    But like I said, the words are used interchangeably, so I would recommend everyone go ahead and purchase it for the additional few bucks that it costs. 

    And in the event that I need to use. 

    It so any? 

    Event that you need to use it or if in the event that you’re actually injured and you’re dealing with a situation where your face was so. 

    So many bills or you have maybe some serious injuries that’s going to require, you know, a substantial change in your lifestyle. 

    Go ahead and give me a call and let me walk you through the coverage is that you have in place to even determine if this is something. 

    That you have OK and how can. 

    I give you a call my number where I can be reached at 713-974-0388. 

    You can reach me by phone. You can reach me by email. You can go to our website. You can chat with one of our representatives online at www.roxellrichards. 

    Sounds awesome. 

    Well there you have it. 

    This is episode 16 excess versus umbrella coverage from the Ask Gary Podcast, powered by Roxell Richards law firm. 

    You better ask the lawyer, powered by Roxell Richards Law Firm 

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