Signature FCU has partnered with Newtek Insurance Agency, LLC to provide you with right insurance coverage at the right prices. Newtek offers insurance products in all fifty states. Our programs are underwritten by multiple carriers who have been afforded A.M. Best "A" ratings. Our Business Service Specialists are available to help you understand your exposure and provide you with advice on the most economical way to protect your business.
Why You Need Umbrella Insurance
Provides an extra layer of protection by supplementing the Personal or commercial liability coverage you have on existing policies.
Personal Umbrella
Personal Umbrella Insurance acts as protection once the limits on your Homeowners and Automobile Policy have been exhausted. But an umbrella policy is much more than extra coverage. This broadly written policies may protect you from lawsuits related to activities that aren't covered by automobile or homeowners policies. Those activities might involve vacation rentals of boats, jet skis, snowmobiles or other recreational vehicles. The policies also might cover liability assumed in contracts, such as a wedding reception contract in which you agree to be responsible for any injuries to guests, even if you don't cause those injuries. A good umbrella policy can cover these and many more liability risks for which you may not have coverage under your automobile or home insurance policy. Dollar for dollar a personal umbrella is an inexpensive way to add coverage to protect your personal assets.
Commercial Umbrella and Excess Liability
Umbrella policies provide additional amounts of insurance over other insurance policies. Typically, umbrella policies go over your automobile liability, general liability and employer's liability (part of a workers compensation policy) coverage. Umbrella insurers may agree to provide coverage over additional underlying coverage, such as non-owned aircraft liability.True umbrella policies are broader that the underlying policies. This means they provide some coverage that the underlying policies don't. Umbrella coverage is often subject to a retention when there is no coverage in the underlying policies. In other words, the umbrella insurer will only pay such claims when they exceed a certain dollar amount (the retention).
As is the case with personal lines policies, the cost for $1,000,000 of Umbrella limits with be much less costly than increasing all the underlying policies by $1,000,000 because an umbrella provides a limit that can be accessed as needed to any of the underlying policies.
Excess policies do not add additional coverage but simply provide additional amounts of insurance over the underlying policies.