Umbrella insurance is coverage that extends beyond the limits of your primary insurance policies. It can be paired with homeowners, auto, or commercial insurance as an extra protection layer. If a lawsuit maxes out your policy limits, umbrella insurance steps in to cover the remainder. However, not everyone is familiar with umbrella insurance or its history. This article provides a brief overview of its origins and development.
The Genesis of Umbrella Insurance
Umbrella insurance has roots dating back to the late 19th century, originating after the Employers’ Liability Act of 1880 was enacted. This Act came into existence as individuals sought compensation after workplace injuries. Yet, umbrella insurance only became widely used in the mid-20th century. Around the 1950s and 1960s, individuals and businesses recognized that umbrella insurance could protect them from out-of-pocket liability costs. While initially, people and companies experienced financial hardships due to lawsuits, the emergence of umbrella insurance changed the panorama.
The Evolution of Umbrella Insurance
The rules and types of coverage have evolved considerably over the years. While the feature of additional liability coverage remains unchanged, there’s much to expect from the future of umbrella insurance. As revisions are continually made to serve policyholders better, umbrella insurance will continue to protect against unexpected expenses with even greater efficacy.
Walker and Associates Insurance Agencies Inc.: Securing Your Future
If you’re a Fillmore, NY resident looking for an insurance provider, Walker and Associates Insurance Agencies Inc. is here for you. We offer coverage beyond Fillmore, NY, and we take immense pride in exceeding our customers’ needs and expectations. Don’t just take coverage for granted; go the extra mile with umbrella insurance. Contact us today for a quote.
