Umbrella Insurance in South Coast MA & RI
Thoughtful and straightforward advice on umbrella insurance for clients in South Coast of MA & RI
There is a very distinguished maritime and naval history in this area of Massachusetts and Rhode Island, and, if you live and work in proximity to Fall River’s incredible floating Battleship Cove museum like the HIG team does, then it is ever-present.
This treasured historical site is home to a variety of World War II naval vessels, including attack submarines, highly decorated battleships, and stealthy cruisers and destroyers. The array of ships on exhibit here serves as a real-life reminder that, in battle, you need a variety of vessel types in your fleet with multiple deployment options to achieve a victory at sea.
If you’ve ever played a friendly game of “You Sank My Battleship,” then you have had a small glimpse into how challenging it can be to execute an effective maritime strategy, which entails maneuvering your ships to where they will be safe while also gaining an advantage over your opponent, all without having any idea where the enemy’s ships are.
Believe it or not, there are some similarities between what we do at HIG – advising you on strategies for your insurance solutions – and complex, coordinated naval planning. Now, we will be the first to admit that there are probably many more differences than commonalities between the two. However, there is one aspect, in particular, where we feel there is a strong connection. When it comes to your insurance planning, it is always wise to have a multi-layered insurance strategy with a solid back-up plan.
How to have a strong insurance strategy
Each naval ship in a fleet has its own unique characteristics that make it useful in different ways during a strategic operation. Even if you have limited maritime knowledge, you can imagine how ineffective a fleet with only one type of vessel would be when you need to have the flexibility to provide deterrence, deployment, defense, and more.
Similarly, a prudent insurance portfolio should contain a variety of policies, each of which will have their own role in protecting you, your loved ones and your possessions. For example, your car, home, and renters insurance are critical coverage to have in place as your first line of defense. They will provide you with the basic coverage you need to ensure you can replace or refurbish your vehicle or property in case of a minor accident, fire, theft, severe weather and other similar perils.
However, in the case of a multi-car crash where you are at-fault or a situation where someone seriously hurts themselves on your property, these policies are most likely going to fall short of the protection that you need. The liability coverage in primary policies, like home and auto, is typically around $250K, while accident-related legal and medical fees can be in the high six figures or more. This could leave you with a gap of hundreds of thousands of dollars that you are liable to pay for out-of-pocket.
To help safeguard you against risks and exposures that are too great for your underlying policies to handle, it’s a very sensible idea to hold an Umbrella Insurance policy in reserve. With the additional coverage that an umbrella policy will provide, you will have:
- Excess liability over and above your current liability limits that are written on your auto, home, boat, or RV policies
- Protection against judgments against you in a lawsuit for negligent acts as well as false arrest, libel, and slander
- Coverage for defense costs and attorneys’ fees associated with claims against you
- Protection for a covered loss that takes place anywhere in the world
- Protection against claims that may not be covered at all by any of your other policies
Most of HIG’s clients’ needs can be met with a personal umbrella policy offering $1 to $5 million in coverage limits, for as little as $200 a year. However, when needed, policies can provide limits of $10 million, $15 million, and higher.
How to assess if you need an umbrella policy
Any seasoned naval commander will tell you that a strategy is only as good as the information that went into it. That’s why every good plan – including the design of your insurance portfolio – should start with a comprehensive assessment of the situation.
At HIG, our “reconnaissance” starts with questions, like the ones below, that will help us get to know you better, will give us a thorough understanding of all your current policies, and will provide insight into areas where you may be leaving yourself vulnerable:
- Do you own a recreational vehicle or motorcycle?
- Do you have a pool, trampoline, or hot tub at your home?
- Do you have a dog?
- Do you own firearms, including BB guns?
- Do you frequently entertain at your home?
- Do you have a lot of assets, such as multiple homes or watercraft?
The more “yes” responses you have to the items above, the more important it is for you to consider the extra protection you can get from an umbrella policy.
Working with an experienced advisor can ensure you are shielded from life’s everyday risks
“There is only one thing worse than fighting with allies and that is fighting without them,” said Sir Winston Churchill, Prime Minister of England 1940-1945, a Nobel prize-winning writer, and a military officer, himself.
At HIG, we couldn’t agree more that having the right support, whether in battle, business, or life, is vital to overcoming challenges. If you decide to partner with HIG, you will have an insurance ally with vast industry know-how gained from doing business in the South Coast of Massachusetts and Rhode Island for more than 100 years. We will put this knowledge and experience to work for you and find you the best umbrella insurance options from the top insurance providers in the industry.
Contact us today with your questions about umbrella insurance and we will be happy to help you determine if this is a good insurance move for you to make.