We are a litigious society, and more and more lawsuits are filed every year. Individuals in record numbers are awarded larger and larger judgments, more 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. Should you be liable for someoneâ€™s injuries or damages, and your primary policyâ€™s limit runs out, an umbrella can offer additional protection--often a million dollars 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 ridiculous, here is an example of financial exposure: A group of high schoolers were partying one night, and decided to jump the neighbors fence and use their swimming pool. One of the boys dove into the pool while under the influence and broke his neck. Although the owners of the pool were not present, their homeownersâ€™ 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, so protect yourself and your assets with Umbrella coverage. Contact us for more information.