High-net-worth boat owners residing in Austin, TX, and anywhere in Texas often need umbrella insurance.

Umbrella insurance offers liability coverage over and beyond the limits of standard policies. It can assist with legal expenses for defending your case and with judgments of $1 million, $5 million, or more, depending on the coverage you choose. Umbrella insurance covers you worldwide, and a policy written by your agent at The Policy Source can offer indemnification in some situations that other insurance policies don’t.

What kinds of hazards do boat owners require umbrella insurance for?

Any boat owner involved in an accident may be subject to a lawsuit claiming bodily injury or property damage, but the legal landscape in Texas tends toward "nuclear verdicts."

With distressing frequency, juries in Texas are making exorbitant awards – up to $105 million, in one Dallas County case – for catastrophic injuries. The chances of being found at fault for death, disfigurement, or permanent disability are meager, but a Texas court judgment for these losses can be very high.

At the Policy Source, we advise all of our clients with a net worth of $1 million or more, excluding the value of their personal residence, to consider umbrella coverage. Many clients no longer consider $1 million to put someone in the rich category. But it is precisely those who have "just a million" or a net worth of just a few million dollars who are especially vulnerable to aggressive litigation for damages in injury cases.

Umbrella insurance can cover you against all the expenses of defending yourself in a tragic situation. Whether you live in Austin, TX, or anywhere in the Lone Star State, call us today to get the assurance you deserve.