Group Umbrella Policies, also known as Group Personal Excess Liabiliy Insurance, are becoming more common within companies with high-income executive teams. This policy is a comprehensive benefit for key personnel, managers, and employees, which protects affluent lifestyles from risk, yet in a very affordable way. Enrollment can be voluntary and new employees do not have to endure a waiting period, they can be automatically covered from the date they were hired or promoted. The group personal excess policies have been purchased by law firms, financial institutions and insurance companies in the country and regionally.
Group Excess Insurance policies will extend the individual employee and owner of the company’s personal and auto liability coverage worldwide to include boats, youthful drivers, spouses and dependents living within the household, directors and officers insurance (in the event your company executives are serving on non-profit boards), employer liability for domestic employee, and more. The advantage to having a Group Umbrella policy is that the individually insured are able to achieve greater coverage, at a lower cost, and the policies are easier to underwrite as each individual’s level of risk is not as closely evaluated. Group Personal Excess Liability Insurance or Group Umbrella Insurance is a true “group” policy; the insurance company will not individually underwrite or decline any individual in the designated group. Group Umbrella Insurance policies extend the limits of personal risk for those high-income earners on a more affordable basis than when purchasing those umbrella insurance policies individually.
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