What is New Jersey Manufacturers Umbrella Policy and How Does it Work

If you live in New Jersey, you may have heard of the New Jersey Manufacturers Umbrella Policy. But what exactly is it, and how does it work? In this article, we will provide you with valuable information about this policy, its benefits, and how it can protect you.

What is the New Jersey Manufacturers Umbrella Policy?

The New Jersey Manufacturers Umbrella Policy is an insurance policy that provides additional liability coverage above and beyond the limits of your existing insurance policies. This policy is designed to protect you from financial losses in case you are found liable for damages that exceed the limits of your primary insurance policies.

How does it work?

Let’s say you are involved in a car accident and are found liable for damages that exceed the limits of your auto insurance policy. In this case, your New Jersey Manufacturers Umbrella Policy will kick in to cover the additional costs, up to the limits of the policy.

Similarly, if you are found liable for damages in a lawsuit, and the amount exceeds the limits of your homeowner’s or renter’s insurance policy, the umbrella policy will cover the additional costs, up to the limits of the policy.

Benefits of the New Jersey Manufacturers Umbrella Policy

The New Jersey Manufacturers Umbrella Policy offers several benefits, including:

1. Additional liability coverage: The policy provides additional coverage above and beyond the limits of your primary insurance policies.

2. Protection against financial losses: The policy can protect you from financial losses in case you are found liable for damages that exceed the limits of your primary insurance policies.

3. Peace of mind: Knowing that you have additional coverage can give you peace of mind, especially if you have significant assets that you want to protect.

Conclusion

The New Jersey Manufacturers Umbrella Policy is an important insurance policy that can protect you from financial losses in case you are found liable for damages that exceed the limits of your existing insurance policies. If you are interested in this policy, contact your insurance agent to learn more about its benefits and how it can protect you.

New Jersey Manufacturers Umbrella Policy: What it is and How it Works

If you’re a New Jersey resident, you may have heard of the New Jersey Manufacturers (NJM) Insurance Group. NJM is a well-known provider of various types of insurance, including car, home, and business insurance. One of the lesser-known policies offered by NJM is the umbrella policy. In this article, we’ll discuss what the NJM umbrella policy is and how it works.

What is an Umbrella Policy?

An umbrella policy is a type of insurance that provides additional liability coverage beyond what is offered by your primary insurance policies. It’s called an “umbrella” policy because it provides an extra layer of protection over your other policies.

For example, let’s say you have car insurance with liability coverage of $100,000 per accident. If you get into an accident that causes $200,000 in damages, your car insurance will only cover the first $100,000. You would be responsible for the remaining $100,000. However, if you also have an umbrella policy with a limit of $1 million, it would cover the remaining $100,000.

What Does the NJM Umbrella Policy Cover?

The NJM umbrella policy provides additional liability coverage for a variety of situations, including:

– Bodily injury or property damage caused by you or a family member

– Accidents that occur on your property

– Slander or libel lawsuits

– Lawsuits related to rental properties you own

The policy also covers legal fees and court costs associated with defending against covered claims.

How Does the NJM Umbrella Policy Work?

The NJM umbrella policy works by providing additional liability coverage once your primary insurance policies have reached their limits. For example, if you have car insurance with liability coverage of $100,000 and an umbrella policy with a limit of $1 million, the umbrella policy would only come into play if the car insurance coverage is exhausted.

To purchase an NJM umbrella policy, you must have primary insurance policies with NJM, such as car or home insurance. The umbrella policy only provides additional coverage over these primary policies.

Conclusion

The NJM umbrella policy is a valuable addition to your insurance portfolio if you want extra liability protection. It provides coverage for a variety of situations and can help protect your assets in the event of a lawsuit. If you’re interested in purchasing an umbrella policy from NJM, contact them to learn more about your options.