Umbrella insurance in Broomfield, CO is known to help pay for liability and defamation lawsuit settlements, but it does have exclusions. The most common exclusion is any malicious act. There are several things that companies classify as malicious acts.
Intent to Harm
Anything done with the intention of causing harm to another person, including harm to their reputation, is considered a malicious act. For example, if you punch someone, that’s clearly a malicious act. The same applies if you say negative things about someone with the intention of damaging their reputation. An agent at Aspen Gold Insurance Brokers can help you learn more about what falls into this category.
Intentional Property Damage
Intentionally damaging someone’s property is also considered malicious. For example, intentionally damaging someone’s vehicle or valuable art collection is a malicious act. Intent is usually what companies look at when determining whether something will be covered.
Negligence
Some companies group negligence with this exclusion, which means that if you’re responsible for the harm to another person by not doing something, the company will not provide coverage. For example, if a person slips and falls on your sidewalk because you don’t put out salt to melt the ice. Another example would be if someone gets bitten by your dog because you didn’t properly restrain it.
Sometimes, it can be hard to determine whether something was malicious or an accident. For example, determining whether a dog was properly restrained and got loose, or whether it was due to negligence. Agents here at Aspen Gold Insurance Brokers can help you learn more about the process we use. Contact us today! We’re currently serving the Broomfield, CO area.
