Umbrella Policy / Excess Liability Application:
An Umbrella Policy Provides Additional Protection for Your Hard-Earned Assets
You don't have to be a millionaire to be targeted by a lawsuit. A single lawsuit can end up costing hundreds of thousands of dollars - even if you win! As your earning power and assets increase, you have more at risk and therefore, a greater need to protect your assets.
Is Your Existing Liability Coverage Adequate Protection Against a Large Judgment?
The fact is, everyday events can quickly turn into life-altering liabilities. For example:
- While driving, you accidentally injure a successful doctor in the crosswalk. Medical costs, lost earnings and damages amount to millions of dollars. And you are responsible.
- You're having a refrigerator delivered to your home when one of the deliverymen slips and falls on your icy steps and breaks his leg.
- You volunteer on the board of directors of your condominium association. The board installs a playground with a faulty swing and a fellow association member's child is injured. You are sued as a board member.
An Umbrella Policy Improves Your Protection
Brunswick Companies knows how hard it is to think these things could happen to you and your family. That's why we recommend our clients consider the affordable protection provided by an Umbrella Policy (also known as an Excess Liability). It providing additional protection in case a judgment against you exceeds the liability limits of your existing auto, homeowners or boat policy.
Umbrella Plans (Excess Liability Coverage) Provide:
- Protection for covered claims by others for personal injury or property damage caused by you, members of your family / household, or hazards on your property for which you are legally liable
- Personal liability coverage for occurrences on or off your premises
- An additional layer or protection above your primary auto policy against auto-related liabilities
- Protection against non-business related personal injury liabilities such as slander, libel, wrongful eviction or false arrest
- Legal defense costs for a covered loss. Lawyer fees and associated court costs are covered
- Worldwide coverage, no matter where you go, with the only exception being situations involving foreign ownership of dwellings or cars
- Legal Defense Costs Coverage
- Directors and Officers Coverage
Why Do I Need an Umbrella Policy?
Homeowners insurance provides a minimum of $100,000 liability coverage (the coverage that protects you when people are injured or property is damaged due to circumstances in which you or your family are responsible). Although it varies widely by state, the typical minimum liability protection for auto insurance is around $25,000 per person and $50,000 per accident.
With both these coverages, you can purchase higher limits (or amounts) of liability protection, but the most that can be purchased is $500,000 for homeowners policies or $250,000 per person / $500,000 per accident for auto insurance.
This may not be enough in today's litigious environment where million dollar judgments are fast becoming the rule rather than the exception, even for seemingly minor situations.
How much do you have at risk?
Contact Brunswick Companies today to learn how an Umbrella Policy can help protect you. Our personal lines specialists will listen to your concerns, explain the scope of insurance protection available and recommend a program that best meets your expectations and financial goals.