Personal Umbrella
Jury Verdict Research
Average verdict in U.S. personal injury cases from 2000 to 2006 was more than $900,000.
Average award from personal negligence lawsuits between 2000 and 2006 exceeded $1,400,000.
Source: Jury Verdict Research and West Bend Mutual Insurance
Liability claims often exceed the basic limits of liability afforded by an average home or auto policy. These claims, which may result from personal activities or professional or business endeavors, are covered by a personal umbrella liability policy. What if you were found at fault in a major traffic accident? Or what if you were sued for a weather-related mishap on your property – like ice on your driveway? An umbrella policy would have you covered.
Think an umbrella policy is complicated, too expensive and just for the wealthy? These are common myths. Umbrella liability is by no means just for the wealthy; in fact it’s quite affordable. An umbrella policy can be easily coordinated with your existing homeowner’s policy.
Personal umbrella liability insurance is intended for catastrophe-type claims. In general, the purpose of a personal umbrella policy is not only to provide million dollar-plus excess limits but to broaden basic liability protection. To adequately protect the insured, a personal umbrella liability policy should serve three purposes:
- It should add an additional amount of liability coverage above the limits provided by the insured’s homeowners, personal auto or other underlying policies
- It should provide coverage for some exposures that are not covered (or only minimally covered) by the insured’s underlying policies
- It should provide protection for the insured against certain catastrophic liability losses that might otherwise cripple the insured financially
A personal umbrella policy also provides coverage against claims or legal actions that aren't covered under the primary policy. These exposures include:
- Activites as an officer or director of a not-for-profit organization
- Blanket contractual liability
- Liquor law liability
- Legal defense - in addition to the umbrella limit
- Protection for liability lawsuits resulting from non-occupational, non-profit activities such as volunteer work for civic, religious or other organizations
Umbrella coverage, if nothing else, offers psychological comfort. If a guest falls on your front steps or you cause a serious car accident and action is taken against you personally, you’ll know that your umbrella policy will protect you. Contact us today to protect yourself with personal umbrella coverage.
