We are a litigious society – there are more and more lawsuits filed every year. In record numbers, people are being awarded larger judgments than ever before.
Are your insurance liability limits sufficient to protect your assets and future earnings in the event of a lawsuit? We highly recommend looking into a Personal Excess Liability (Umbrella) policy. This type of policy is an extra layer of liability coverage above and beyond your automobile, homeowners, motorcycle or boat policy. If you are held negligent for causing injury or damages, and your primary policy’s limit runs out, an umbrella can offer additional protection, often $1 million or more.
Certain exposures, such as swimming pools, trampolines, or inexperienced drivers make a very compelling case to add an umbrella policy. This coverage can often be added for a very reasonable price.
While it seems unlikely, here is an example of financial exposure:
A group of high school students were partying one night when they decided to jump the neighbor's fence and use their swimming pool. One of the boys dove into the pool while impaired by alcohol and broke his neck. Although the owners of the pool were not present, their homeowners policy paid the limit of $250,000, and their umbrella paid a full $1 million settlement.
By purchasing an umbrella policy the pool owners were able to avoid financial ruin. Anytime an injury occurs on your property, you could be held liable.
Protect yourself and your assets with umbrella coverage. Contact us for more information.