Umbrella Insurance Part 2

When I was a kid there was a roller skating rink in town. The rink was the place where the cool kids held their birthday parties, so everyone wanted to their parents to rent the rink for a few hours.  Some parents were hesitant for various reasons. I now understand some of their trepidation. Thirty pre-teens, who are inexperienced skaters, sliding around a rink at break neck speeds is a out of many parent’s comfort zone. Also, to rent a property, a person is usually required to purchase a single day liability policy to cover injuries to persons and damage to property.

If you are a parent, who knows a responsible enough group of kids that you are willing to rent a space for their party, but won’t because you don’t want to pay for the insurance, there is a possibility that you won’t have to pay.  Do you have an umbrella insurance policy? If you do, it may cover the insurance for the rented space.  You may want to discuss whether your policy covers this type of rented property with your insurance agent as it may be possible to add to your current policy if it is not already covered.

Sources: Hungelmann, Jack. Insurance for Dummies. 2nd ed. Indianapolis: Wiley Publishing Inc., 2009. Print.

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