Umbrella Insurance

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.

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Insurance Products:

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Are not deposits or other obligations of Berkshire Bank (the "bank") or any bank affiliate; Are not guaranteed, issued or underwritten by the FDIC, the bank or any bank affiliate; Are not insured by any agency of the US, the bank or any bank affiliate; Are not a condition to the provision or term of any banking service or activity; Need not be negotiated or purchased through any particular person as a condition of any financial transaction or service; May be purchased from any agent or company and the customer's choice will not affect current or future credit decisions; and Involve an investment risk, including possible loss of principal or loss of value. The market value of the investment may fluctuate, causing possible loss of principal amount invested.

 

Insurance is offered through Berkshire Insurance Group, Inc. Berkshire Insurance Group, Inc. is a licensed insurance agency and non bank affiliate of Berkshire Bank and is not a chartered bank or trust company, or depository institution. Berkshire Insurance Group, Inc. is not authorized to accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority.

 

Berkshire Insurance Group, Inc. is neither a tax nor legal advisor. We suggest you consult with your personal tax and/or legal advisor before making any tax-related or legal decisions. You should consider an annuity's risks, charges, and expenses carefully before investing. Annuity withdrawals made prior to age 59 1/2 may result in an IRS penalty. Consult with your tax advisor.

 

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