Umbrella Insurance: What you need to know

You have a retirement plan. This means you are ahead of the game, right? Or perhaps you are getting ready to send your kids off to college next year. You can finally sit back and relax, right? If you don't have an umbrella policy, don't get too comfortable. Getting hit with a liability lawsuit could put all your plans on hold. 

Here is an example that happens all too often. You are in an auto accident and the other driver and passengers are seriously injured. The claim reaches $1.5 million and your liability auto insurance only covers $100,000. If you don't have an umbrella policy to extend that coverage, you will be responsible for $1.4 million. If you don't have that kind of money available, your assets will be seized. No one wants to have to rebuild their lives after something like that. However, umbrella insurance is one of the least known types of liability coverage.  

In the event that a claim exceeds your underlying policy limits, a personal umbrella policy may be able to help by providing:

• Additional liability coverage from $1 million to $5 million for your primary and secondary homes, rental properties, automobile, motorcycle, watercraft, RV and more
• Coverage for most types of accidents - not just auto
• Legal defense fees not covered under your current auto policy
• Extended liability protection that helps protect your current assets and future earnings

Usually umbrella policies start at $1 million in coverage and are sold in million-dollar increments. You will also typically need to have minimum underlying liability limits on your homeowners and auto policies before you can buy an umbrella. To determine how many coverage you need, simply calculate your net worth by taking the value of your retirement and other assets and subtracting your debt. 

The most important thing is to talk to your insurance agent. Call your agent directly or our main office at (314) 752-2500. Don't let something unexpected ruin what you have been working towards your whole life.

Crawford-Butz Sponsors World Pediatric Project Event

The World Pediatric Project (WPP) is a nonprofit humanitarian organization with a mission to heal critically ill children and build healthcare capacity in the world. While that sounds like a lofty goal and an overwhelming undertaking, they are doing it one child at a time.

On May 9th 2015 WPP held an inaugural event called Rock 'n Heal. Crawford-Butz was a gold level sponsor for this event and 10 members of the Crawford-Butz team were able to attend. The $2,500 that Crawford-Butz donated supports surgery for five children reached by WPP traveling medical teams! The party was held at the Jet Linx hangar at Lambert and included food, drinks and entertainment. Most importantly, however, is that fact that is raised $67,000 for the World Pediatric Project and is helping them to Heal a Child and Change the World.

Agent Matt Laux and CSR Jamey Moroney 

One of the children that has received services through the World Pediatric Project was helicoptered in for the event  

This little boy from Peru can now eat and breath without pain because of surgery he received through World Pediatric Project.