UMBRELLA/EXCESS LIABILITY POLICY: BIGGEST BARGAIN IN YOUR INSURANCE PROTECTION

Have you ever thought about the sheer financial devastation a large lawsuit would cause to your future? The impact on you family savings for your retirement and college savings being placed at risk by an accident where you are judged to be at fault?

How much coverage do you currently have for Bodily Injury? In the event of a serious claim against you, your current policy without an Umbrella/Excess Liability policy will pay out until it exhausts its limits. If your limits are the old standard $ 100,000.00 per person/$ 300,000.00 per accident, that means when the payment reaches $ 100,000.00 for that injured party, your carrier will turn over the claim to you and your attorney for further defense and payment, all out of your assets. The carrier will send you a letter with wording like: “A claim has been presented against you that may exceed your current limits of liability. You should now obtain legal counsel to represent any sums over those limits of liability.” Think of now handing a large check to your attorney as a retainer to review the claim and attempt to protect you from financial devastation.

Think about how fast $ 100,000.00 is used in an injury requiring multiple days of hospitalization. Now add in lost wages, future medical expenses, pain and suffering, and that outlook begins to dig deeply into your personal assets. Even $ 250,000.00 or $ 500,000.00 can be overwhelmed very quickly.

It can happen so innocently. You drop something in your car and cause an accident resulting in serious injuries to the other party, a guest falls in your home suffering such an injury. The courts are not bashful about awarding large sums of money to cover the medical, future medical, lost wages, pain and suffering and other expenses incurred by the injured party.

If you have youthful operators in the household, the exposure can be even greater. The exuberance of youth and a car can be a very dangerous mix. Then there’s the freedom of being away from home on a college campus. Plus if it is your car, it does not matter who is driving, so if your child “loans” your car to someone you’ve never met, you are still responsible for the operation of the vehicle.

We have had cases in our office where a seemingly innocuous event turns into a significant claim. A bicyclist collided with our insured’s vehicle, we have even seen cases where our policyholder was not at fault in a multi car accident, but the courts felt the injured party was entitled to copious amounts of cash, including substantial payment from the non negligent party.

We have all witnessed bad accidents along the highways where Flight for Life Helicopters are necessary to airlift severely injured parties to hospitals. The thought of the long and expensive recovery of that person makes us shudder.

Before you lose any sleep over this dilemma, there is a simple and very affordable solution. Talk to us about an Umbrella or Excess Liability Policy. For an annual premium starting in the $ 100.00 range, an additional $ 1,000.000.00 of Liability Protection can be added to your insurance program. We can easily quote up to $ 5,000,000.00 of coverage over your current Homeowners and Auto Liability coverages. The policies also include the cost of defense.

There are even Multi Policy Discounts applicable to your Homeowners and Auto policies that bring the net premium down even further.

Let us provide you with a quote for a policy that will extend your level of protection far beyond the limits of your underlying Homeowners and Auto policies.