Uninsured and/or underinsured bodily injury coverage

-
Uninsured and/or underinsured bodily injury coverage This is a coverage which may protect against drivers without insurance, and/or drivers with insufficient policy limits to reimburse you for damages they caused. This coverage typically pays the difference between the amount recovered from the other driver and the amount of the damages, up to the limit of the policy. 1) Uninsured Motorist: If you're in an accident with a driver who doesn't have any liability insurance and they are at fault, UMBI coverage can help pay for your medical bills, lost wages, and pain and suffering. -This is especially important because driving without insurance is illegal and unfortunately, some people still do it. 2) Underinsured Motorist: If you're in an accident with a driver who has liability insurance, but their limits are not enough to cover all of your medical expenses, UIMBI coverage can help pay the difference. -This can happen even with seemingly responsible drivers, as medical bills can quickly rise beyond the standard minimum liability coverage limits required by most states. Uninsured and/or underinsured bodily injury coverage typically covers: -Medical expenses: This includes things like hospital bills, doctor visits, surgery, medication, and rehabilitation. -Lost wages: If you're unable to work due to your injuries, UMBI/UIMBI can help replace your lost income. -Pain and suffering: This is compensation for the physical and emotional pain you experience due to your injuries. It is a personal decision to get an Uninsured and/or underinsured bodily injury coverage. Even though optional they can provide valuable financial protection in case of an accident with an uninsured or underinsured driver. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

Comments

Post a Comment

Thank you for making this valuable comment.

Popular posts from this blog

Host Liquor Liability vs. Liquor Liability

-
Image
Host Liquor Liability vs. Liquor Liability Host liquor liability insurance does not cover companies that manufacture, sell, or serve alcohol as part of their business operations, such as bars, breweries, and restaurants. Instead, businesses that sell or serve alcohol for profit would need to purchase liquor liability insurance to gain protection from lawsuits related to inebriated patrons who cause bodily harm or damage to others. What is social host liquor liability? Social host liquor liability refers to the liability individuals assume as a host if they hold a social gathering where alcohol is provided, but guests aren't paying for it. It covers individuals, not businesses, and is typically included in homeowner's and renter's insurance policies. If someone throws a party and a guest causes property damage or injuries to a third party after becoming intoxicated, social host liquor liability can pay for the host's legal expenses if a lawsuit is filed. Hosts can b...
Read more

Business Owner’s Policy

-
Image
Business Owner’s Policy A business owner’s policy (BOP) is defined as the combination of two important forms of insurance commercial property and general liability into one convenient package. Business owner’s policies usually cost less than buying the two coverages separately. A business owner’s policy combines general liability and commercial property insurance coverage to protect you against lawsuits and damages. In one convenient package, it covers several major lawsuit risks your small business could face, including those resulting from: -Third-party bodily injuries -Third-party property damage -Product liability incidents -Advertising injuries Business owner’s policies also provide financial support when your building or commercial property (also called business personal property) is damaged by an incident the policy covers, typically: -Fire -Theft -Vandalism -Some weather-related events In addition to providing a financial backstop for your small business, a BOP also gives ...
Read more

Third-Party Cyber Liability Insurance

-
Image
Third-Party Cyber Liability Insurance Ransomware, phishing attacks, and data breaches are continuing to rise impacting more businesses each year. If one of your clients is hacked and sues your business, the resulting legal bills could be devastating. Third-party cyber liability insurance helps ensure that your IT business can survive the financial aftereffects of cybercrime. Scenario 1; Let's say you're an IT consultant hired to help your client step up a security protocol. You recommend antivirus software that has a few recent well-documented weaknesses. When your client's network is compromised and customers' sensitive financial information is stolen, the client blames you and files a lawsuit. Scenario 2; Where Company A, a clothing retailer, stores customer data like names, addresses, and credit card information on their servers. Unfortunately, due to a security flaw in their system, hackers gain unauthorized access and steal this sensitive customer data. At ...
Read more