![]() Ensuring a Proper Defense – Most clients are unaware of how their defense would be managed by their insurance company in the event of a lawsuit brought against them or a family member.This additional protection covers the bodily injury damages they cause you or a family member. We encourage every client to purchase additional limits of protection, which are available as an endorsement to the Excess/Umbrella policy. ![]() In the event of a qualifying accident, the insurance company will pay the difference between what the uninsured/underinsured driver can pay and what the injured driver would be entitled to as if the uninsured motorist had proper insurance in effect (coverage also applies in “hit-and-run” accidents). It ensures that a household member will be covered for injuries he/she receives from a negligent driver. Uninsured/Underinsured Motorist – This important protection is provided under most primary Automobile policies.There are two key components that should be included in a comprehensive Excess/Umbrella policy: Verdict/Settlement: $13,700,000 *Wrongful death lawsuit by salesman’s family. The fall caused a fractured hip, necessitating surgery and the use of a walker for the rest of his life.ĭescription: Child injured in swimming pool accident resulted in permanent paraplegia.ĭescription: While test driving a new car, driver lost control and crashed, killing the salesman who was the passenger in the vehicle. Verdict/Settlement: $11,000,000 *Plaintiff alleged dangerous work conditions as contributing factor to fall.ĭescription: A neighbor was leaving a neighbor’s yard and tripped and fell over tree roots protruding through the ground. We can place up to $100,000,000 in personal umbrella, and our recommendation is to maintain Excess/Umbrella Liability protection at a minimum limit of $5,000,000.īelow are just a few examples of why coverage limits matter.ĭescription: Worker handling renovations at insured’s home fell 12 feet from a ladder, suffering serious head and brain injuries. We recommend clients consider the maximum net worth they are willing to risk should such a lawsuit occur. An Excess Liability or “Umbrella” policy kicks in when a lawsuit judgment exceeds the limit on homeowners and auto policies. However, these are commonly limited to $300,000 or $500,000, making them inadequate in today’s litigious society where multi-million-dollar judgments are all too common. homeowners, automobile, and watercraft) include initial limits of “primary” liability that respond to legal judgments. In today’s litigious environment, successful clients are growing increasingly concerned about becoming the target of a costly lawsuit, yet many remain ill-prepared for such an occurrence. A Key to Wealth Preservation: Umbrella Liability Protection
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