New Jersey Manufacturers Umbrella Policy Requirements What You Need to Know

If you’re a resident of New Jersey, you may have heard of New Jersey Manufacturers (NJM) and their umbrella policy. But what exactly is an umbrella policy, and what requirements do you need to meet in order to qualify for one? In this article, we’ll explore everything you need to know about NJM’s umbrella policy requirements.

First, let’s define what an umbrella policy is. Essentially, it’s an additional layer of liability coverage that goes above and beyond your existing insurance policies. For example, if you have auto insurance and someone is injured in an accident that you’re at fault for, your auto insurance will cover the damages up to your policy limit. But if the damages exceed your policy limit, an umbrella policy can provide additional coverage.

So, what are NJM’s requirements for an umbrella policy? First and foremost, you must be a policyholder with NJM and have certain minimum limits on your existing policies. Specifically, you must have at least $300,000 in liability coverage on your auto policy and $500,000 in liability coverage on your homeowners policy. Additionally, you must have a clean driving record and no history of certain types of claims, such as DUIs or reckless driving.

It’s also worth noting that NJM’s umbrella policy is only available to personal policyholders, not businesses or organizations. The policy provides coverage for things like bodily injury, property damage, and personal injury, but it does not cover intentional acts or criminal activity.

If you meet these requirements and are interested in obtaining an umbrella policy from NJM, it’s important to speak with a representative to get a personalized quote. Keep in mind that while an umbrella policy can provide additional protection, it may come with a higher premium. It’s up to you to weigh the benefits against the cost and decide if it’s the right choice for you.

In conclusion, if you’re a NJM policyholder and meet the minimum requirements, you may be eligible for an umbrella policy that can provide additional liability coverage. However, it’s important to carefully consider the cost and benefits before making a decision. As always, it’s best to speak with an insurance representative to get personalized advice and guidance.

If you are a resident of New Jersey, you may be wondering about the requirements for obtaining an umbrella policy from New Jersey Manufacturers Insurance Company (NJM). In this article, we will provide you with the information you need to know about NJM’s umbrella policy requirements.

What is an Umbrella Policy?

An umbrella policy is an additional form of liability insurance that provides coverage above and beyond the limits of your existing insurance policies. It is designed to protect you against catastrophic losses that exceed the limits of your primary insurance policies.

NJM’s Umbrella Policy Requirements

To be eligible for an umbrella policy from NJM, you must first have an existing NJM auto or homeowners insurance policy. The umbrella policy provides additional liability coverage in increments of $1 million, up to a maximum of $10 million.

In addition to having an existing NJM policy, there are a few other requirements you must meet to be eligible for an umbrella policy. These include:

1. A minimum of $300,000 in liability coverage on your NJM auto policy

2. A minimum of $500,000 in liability coverage on your NJM homeowners policy

3. A clean driving record with no more than one at-fault accident or violation in the past three years

4. No prior cancellations or non-renewals of insurance policies due to non-payment or misrepresentation

Benefits of NJM’s Umbrella Policy

NJM’s umbrella policy provides several benefits, including:

1. Protection against catastrophic losses that exceed the limits of your primary insurance policies

2. Coverage for damages resulting from a wide range of incidents, including auto accidents, dog bites, and slip-and-fall accidents

3. Legal defense costs in the event of a lawsuit

4. Worldwide coverage for incidents that occur outside of the United States

Conclusion

If you are interested in obtaining an umbrella policy from NJM, it is important to meet the company’s requirements. By doing so, you can enjoy the peace of mind that comes with knowing you are protected against catastrophic losses. Contact NJM today to learn more about their umbrella policy options.