In a recent article, TechBullion interviewed John Ritenour about his thoughts on personal umbrella liability insurance. In the interview, Mr. Ritenour makes some compelling points about what to look for when shopping for this type of policy and how it can protect you from unforeseen circumstances that could lead to financial disaster.
John Ritenour is currently Vice President of Claims at Penn Mutual Life Insurance Company in Philadelphia and has more than forty years of experience in the industry. He began his career as a claims adjuster with Travelers Insurance Company before moving to positions within State Farm Insurance Companies and Erie Insurance Group. He served as Senior Vice President & Chief Underwriter until 2008.
He received an AB degree from Dartmouth College and an MBA from the Wharton School of Business at the University of Pennsylvania.
Mr. John Ritenour discusses how personal umbrella liability insurance can help protect you from lawsuits that could arise from car accidents, property damage, or injuries.
He stresses that this insurance is different from a car, home, or boat policy as it is designed to provide excess coverage over those primary homeowners’ liability limits. The umbrella insurance will pay a judgment up to a specific limit after you have exhausted your underlying policy’s financial support. The ideal candidate for personal umbrella liability insurance has assets worth more than the liability limits on their primary insurance.
This type of policy can be beneficial for those with a lot of assets to protect and very little coverage if they are sued. In fact, according to Mr. Ritenour’s article from July 2016 on Penn Mutual’s website, “a $500,000 umbrella will only cost about $86 a year for the average family.” He says that before deciding on this type of insurance, it is essential first to determine if your primary policy deductible would apply if you are sued.