Crews work to contain petroleum spill in Washington after tanker truck accident
Preliminary estimates say about 3,000 gallons (11,356 liters) of mostly gasoline and some diesel spilled into Indian Creek, a fragile salmon habitat , after the truck crashed on Friday, according to a release from the state Department of Ecology.
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21 minutes ago
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What is umbrella insurance, and why should you consider it?
Accidents happen. Someone can slip on ice on the walkway to your house and break several bones. You could rear-end the car in front of you on a rainy night. Your dog could bite the mail carrier. Your home or auto insurance can cover the costs of these accidents if you're on the hook for them. Sometimes, though, costs can exceed what your insurance will cover. Then you're at risk of having to pay out of pocket — that is, unless you have an umbrella policy. This embedded content is not available in your region. Learn more: How does car insurance work? The basics explained. Umbrella insurance: 'Often overlooked' 'Umbrella coverage is the often-overlooked safety net that can protect you from financial disaster,' said Jason Javaheri, co-founder and CEO of Los Angeles-based J&Y Law Firm, which represents injury victims. And the cost is relatively low for the protection it provides. J.D. Power's Craig Martin said that according to the J.D. Power 2024 U.S. Homeowners Insurance Study, only 38% of customers with an annual income over $200,000 indicated they have an umbrella policy, while only 22% of those with incomes between $100,000 and $200,000 had an umbrella policy. The percentage dropped to 14% for those with incomes less than $100,000. That's why it pays to understand what an umbrella policy is, how it works, what it covers, and how much coverage you might need. Learn more: Homeowners insurance: What it covers and how much you'll pay What is an umbrella policy? An umbrella policy is a type of insurance that provides additional coverage if you exceed the liability limits on your home, auto, or other property insurance. It's meant to protect your assets if there is a large claim or judgment against you. Standard homeowners and auto insurance policies typically provide liability coverage for costs such as medical bills and legal fees if you're responsible for causing property damage or injuries to others — but only up to certain limits. You could easily top those limits if, for example, you were sued for damages related to a multi-vehicle car accident with several injuries. 'That's where umbrella would come into place,' said Kim Bowser, vice president of national product and experience development at Grange Insurance. 'Your auto or home insurance would typically cover the loss first. Umbrella kicks in as an extra layer on top of that coverage protection.' Up next Up next How an umbrella policy works Umbrella policies are available in million-dollar increments, ranging from $1 million to $5 million (but potentially higher for high-net-worth individuals and families), explained Erika Tortorici, owner and principal of Optimum Insurance Solutions in Hamilton, Massachusetts. To buy a policy, you must already have a certain amount of liability coverage through auto, home, or other property insurance. Insurers typically require a minimum of $300,000 in liability coverage on a homeowners policy and $250,000 per person/$500,000 per accident liability coverage on an auto policy. Learn more: How much car insurance do I need? Those thresholds are high because umbrella insurance is meant to cover only large claims, said Jennifer Gambill, a Miami-based independent insurance broker with World Insurance Associates. For example, if you were sued because someone was injured on your property and had to pay $500,000, your home insurance would pay up to its $300,000 limit, then an umbrella policy would pay the remaining $200,000. What does umbrella insurance cover? An umbrella policy provides coverage for both your home and your automobiles. It can also be extended to cover recreational vehicles, boats and other watercraft, rental property and timeshares, and other members of your household, including children away at school, Gambill said. An umbrella policy provides coverage for the following: Injuries to others, including the cost of medical bills and liability claims Damage to other people's property Personal injury to others, including libel, slander, and defamation Your legal fees to defend yourself in a lawsuit Learn more: What does homeowner insurance cover? What will an umbrella policy not cover? An umbrella policy covers your liability to others, not damages or injuries to you or your property. 'If your dog were to bite you, the umbrella policy typically wouldn't cover those medical costs you might incur,' Bowser said. It also does not provide coverage for the following: Intentional injuries to others Illegal activities, including accidents and injuries related to drag racing Losses related to a business you run out of your home Legal costs related to something you agreed to in a contract What types of claims would fall under an umbrella policy? Here are just a few examples of the types of claims that would be covered under an umbrella policy. You accidentally hit someone while driving or cause a serious accident with multiple vehicles You post something defamatory about someone on social media and are sued Your children's friends are injured on your trampoline or pool Your dog seriously injures a delivery person Learn more: What does homeownership not cover? This embedded content is not available in your region. How much umbrella coverage do you need? The amount of umbrella coverage you need depends on what you want to protect. For a standard two-car household with one home, $1 million in umbrella coverage can be adequate, said Alaina Hixson, director of sales and operations at The Churchill Agency, an independent insurance agency near Nashville, Tennessee. 'The more assets you have, the more protection you need,' she said. You might also need more protection if you are exposed to more risks, such as teen drivers in your household or a sport or hobby such as hunting that could result in others being injured. Your insurance agent can help you assess how much umbrella coverage you need. How much does umbrella insurance cost? Umbrella insurance is relatively inexpensive for the coverage you get, said Tortorici. For example, a household with one home and two drivers would typically pay $250 to $350 a year for a $1 million umbrella policy, she added. Adding teen drivers to your coverage will drive up your rates. So will multiple properties, vehicles, and watercraft. Your location, claims history, and driving record will also affect the cost of umbrella insurance. However, you typically can get a multi-policy discount when bundling an umbrella policy with your existing home, auto, or other property insurance. Learn more: How much is homeowners insurance? A guide to lowering costs. Pros and cons of an umbrella policy There are plenty of benefits of owning an umbrella policy, but there are a few cons to consider. Pros Expanded liability coverage to protect your assets if your underlying home or auto insurance liability coverage isn't enough to pay for large claims Relatively low cost for the coverage you get Wide range of coverage for liability claims Additional coverage for claims not typically covered by home and auto insurance, such as libel, slander, and even false arrest Coverage for other household members in addition to coverage for the policyholder A single policy can cover a range of property, including a home, vehicles, and watercraft Cons High underlying liability limits on your home and auto insurance are required to purchase umbrella coverage Coverage is limited to injuries and damage to others and their property, not you or your property Additional cost of owning a supplemental insurance policy Who needs umbrella insurance? 'Umbrella insurance isn't just for the wealthy,' Javaheri said. 'It is for anyone with something to protect.' You should consider an umbrella policy if any of the following applies to you: You own a home and vehicles You own rental property You have a high net worth You have teen drivers You have a pool or trampoline You have an RV, boat, or other watercraft You have a dog You engage in high-risk activities that could injure someone else Who doesn't need umbrella insurance? To have umbrella insurance, you must have certain primary insurance protection in place. 'If you don't own a car or home, you can't get an umbrella policy,' Gambill explained. For example, you probably don't need umbrella insurance if you are a renter who relies on public transportation. That said, you still should get renters insurance with the maximum amount of liability coverage available. Learn more: How an auto and renters insurance bundle can save you big How to get an umbrella policy The best way to get an umbrella policy is through your existing auto or home insurance provider. In fact, if you want an umbrella policy to cover your home, vehicle, and other property, all policies have to be under the same insurance carrier, Hixson said. Plus, having multiple policies with one carrier usually allows you to score a discount on your premiums. Rarely would it make sense to get an umbrella policy through a different insurance carrier than the one you have. A few circumstances, such as owning a hard-to-insure breed of dog or having a bad driving record, might force you to get an umbrella policy through a specialty carrier, Tortorici said. Umbrella insurance FAQs What are the disadvantages of an umbrella policy? You can't buy an umbrella policy unless you already have an auto or homeowners policy with a high level of liability coverage. You might have to switch insurers if your current provider of home or auto insurance doesn't offer umbrella coverage. Plus, an umbrella policy is an additional insurance cost. 'You're paying for the peace of mind,' Tortorici said. 'Hopefully, you don't use your umbrella.' Is umbrella insurance worth it? Umbrella insurance can protect your assets if you accidentally injure someone or damage property and have to pay a large claim. Although most state laws prevent your home from being seized if you're sued, your other property, investments, and wages could be at risk if you don't have enough liability coverage through your existing home or auto insurance to pay claims. 'I've seen [umbrella insurance] do amazing things to help people,' Hixon said. 'I don't think you can be overprotected when it comes to liability in this country.' Do I have to get umbrella insurance through my current provider? You usually have to buy umbrella insurance through the insurance company that provides your auto or home insurance. However, some insurance companies offer stand-alone umbrella policies, meaning you don't have an auto or homeowners policy with them. Tim Manni edited this article.
Yahoo
an hour ago
- Yahoo
AP Top Extended Financial Headlines at 4:17 a.m. EDT
General Motors' profit and revenue declined in its second-quarter but the automaker's results managed to easily top Wall Street's expectations and the company stuck by its full-year financial outlook that it lowered in May
Yahoo
an hour ago
- Yahoo
Trump Strikes Deal With Ally Japan Setting Tariff Rate at 15%
(Bloomberg) -- Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital President Donald Trump reached a trade deal with Japan that will impose 15% tariffs on imports including automobiles from the key American ally, while creating a $550 billion fund to make investments in the US. The agreement, touted by Trump after he secured breakthroughs in a final 75-minute Oval Office meeting Tuesday with Japanese negotiators, spares the nation from a threatened 25% tariff that was set to take effect next week. 'They had their top people here and we worked on it long and hard, and it's a great deal for everybody,' Trump said at a White House event Tuesday evening. Under the deal, automobiles and parts would be subjected to the same 15% rate as Japan's other exports, Prime Minister Shigeru Ishiba said in Tokyo, amid local media reports that he's planning to step down in the wake of the agreement following a poor showing for his party in an election on Sunday. In return, Japan will accept cars and trucks built to US motor vehicle safety standards, without subjecting them to additional requirements — a potentially major step to selling more American-built vehicles in the country. The auto sector tariff had been one of the main sticking points in the negotiations. Shares in Japanese carmakers jumped in Tokyo on reports the auto sector rate would be lowered to 15% from 25% for Japan. Toyota Motor Corp. rose as much as 16%, compared with gains of around 3% in the Topix benchmark index in the early afternoon. The yen strengthened against the dollar at first, before weakening after the reports of Ishiba's intention to resign. $550 Billion A centerpiece of the pact with Japan is the $550 billion investment pledge. A senior US administration official, speaking on condition of anonymity to outline the agreement, said the pledge was akin to a sovereign wealth fund under which Trump himself could steer investments inside the US. Final terms of the agreement still need to be enshrined in a formal proclamation. Legal particulars and other details surrounding the pledge are still being hammered out, according to the official. The investment timeline is not certain, and it's not clear whether Trump would be able to allocate the full sum during his term. Commerce Secretary Howard Lutnick advocated for and helped design the investment fund as a core pillar of the deal, an official familiar with talks said. Trump's previous trade deals haven'tcluded that mechanism. The source of the Japanese funding was also not immediately available. Ishiba said the investment sum would reach as much as $550 billion and would partly come in the form of loan guarantees. Trump played the role of closer after eight rounds of negotiations, pressing for more concessions and securing better terms for the US in that final Oval Office meeting with Japan's chief trade negotiator, Ryosei Akazawa, the official said. Lutnick and Treasury Secretary Scott Bessent joined in the final talks. Trump has a track record of making last-minute demands in talks, including before the US inked its agreement with the UK. Previously, US and Japanese officials were said to be discussing a fund of around $400 billion, with profits equally split. But under the terms hashed out in the Oval Office meeting, Japan agreed to provide $550 billion to invest in projects in America through vehicles returning 90% of the profits to the US. A photo shared by Trump aide Dan Scavino on social media showed the initial figure was $400 billion, which appears to have been crossed out by Trump and replaced by a hand-written $500 billion, before they settled at $550 billion. The official pointed to one hypothetical scenario of how the investments might work. The president could, for instance, select a semiconductor manufacturing project that could be built with Japanese funds, leased to operating companies and the resulting leasing profit divided 90-10 between the US and Japan. Boeing, Rice, Defense Japan has also agreed to buy 100 Boeing Co. aircraft, boost rice purchases by 75% and buy $8 billion in agricultural and other products while hiking defense spending with American firms to $17 billion annually, from $14 billion, the senior official said. Japan will also participate in an LNG pipeline project in Alaska, the official said, an apparent reference to a long-stalled $44 billion venture designed to export the state's gas around the globe. Trump told lawmakers at the White House Tuesday evening that Japan is 'forming a joint venture' on a proposed Alaskan LNG project. 'They're all set to make that deal now,' Trump said. Akazawa didn't mention those details when he outlined the deal in Washington. He said defense spending wasn't part of the deal, an indication that some of the specifics may still be under discussion or getting characterized in different ways. In Tokyo, Ishiba lauded the progress made. 'Japan and the US have been conducting close negotiations with our national interests on the line,' Ishiba said. 'The two nations will continue to work together to create jobs and good products.' Trump also pledged to give Japan a safety clause on forthcoming sectoral tariffs, including levies expected on semiconductors and pharmaceuticals — effectively agreeing to not treat the country worse than any other nation when it comes to those goods, the official said. In effect, that means Japan will be guaranteed whatever the lowest global rate is on those tariffs. US negotiators have so far resisted efforts to make exceptions and carveouts for sectoral tariffs, though the UK deal included a plan for limited relief from levies on steel. Trump has repeatedly zeroed in on the auto trade as he criticizes trade imbalances with Japan. Around 80% of the country's trade surplus with the US is in cars and auto parts. Deadline Looming The deal with Japan comes hours after Trump announced he had reached an agreement with the Philippines, setting a 19% tariff on the country's flurry of activity comes days before the president's Aug. 1 deadline for imposing so-called 'reciprocal' tariffs that will hit dozens of trading partners. Trump first announced the plan for sweeping tariffs on nearly every US trading partner in April, only to quickly put them on hold for 90 days amid market backlash in order to work out agreements. But that stretch saw the US finalize only a handful of deals and Trump instead moved to unilaterally impose rates on countries and blocs before the looming deadline. While the US president and his advisers initially suggested they planned to hold concurrent talks with trading partners, Trump has shown little patience for back-and-forth negotiations, instead saying his preference was to just set rates for other economies. In recent weeks, he has sent a slew of letters setting tariff levels and is also moving ahead on industry-specific levies that will target sectors such as copper, semiconductors and pharmaceutical drugs. While talks continue with major economies including the European Union and India, Trump said some 150 smaller countries will be hit with a blanket rate of between 10 and 15%. --With assistance from Isabel Reynolds, John Harney, Meghashyam Mali and Justin Sink. (Updates with further comments from Japan's prime minister, more details.) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Sign in to access your portfolio
