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I’ve Reached a $1 Million Net Worth
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With a question about umbrella coverage, your net worth doesn’t much apply. The question is more about what you need in order to protect yourself, your assets and your family. That has more to do with your exposure and risk of loss than with how much you have to lose. As to whether someone would need umbrella insurance in this scenario, the answer is truly a “maybe.” It depends on your current insurance coverage, the costs of extra coverage and the specific risks you’re concerned about.
Do you have questions about financial planning? Speak with a financial advisor today.
Umbrella insurance is a secondary policy that kicks in after your primary insurance policy is exhausted. It covers any losses or payouts beyond the coverage of your primary insurance.
For example, say that you have an auto insurance policy that covers up to $150,000 in liability and damages. You are considered at-fault in an auto accident with a driver who suffers $95,000 worth of damage to their car and $155,000 worth of personal injuries and lost wages.
Your insurance policy could pay for the first $150,000 of this claim. Then, an umbrella insurance policy could pay that remaining $100,000 for which you would otherwise be personally liable.
The main reason to buy umbrella insurance is third-party liability. By and large, you can know in advance the value of your own property and assets, whether personal or real estate. Since this is knowable, you can buy insurance to cover most cases of personal loss.
Liability is another matter. It’s impossible to predict with any certainty the value of a third party’s assets or injuries. You might be in a car accident someday, or accidentally injure a guest at a party. Since accidents are impossible to predict, so are the costs and harms associated with them. This is where umbrella insurance comes in, as it covers you in case of unpredictable liability that exceeds your policy’s coverage.
Most consumers who get umbrella insurance will use it to supplement either auto or homeowner’s policies. Typically you must have an existing primary insurance policy, as this will not act as your main insurance. For homeowners, this can supplement coverage that you get based on your personal needs and mortgage requirements. For drivers, this can supplement coverage that you have based on your personal needs and your state minimum coverage laws. A financial advisor can help you review and coordinate your current coverage.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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