Personal Umbrella Insurance
A personal umbrella policy is there to protect you against excess liability judgments for loss, injury, or even death caused by negligent acts. It provides liability coverage over and above the insurance policies you currently have for your home, auto boat, motorcycle, etc.
The following events did happen and could happen to you:
- While playing with BB guns, a boy was shot by another boy at their friend’s home. PLAINTIFF VERDICT, COMPENSATORY AWARD: $500,000
- A 12-year-old boy suffered lacerations to his lower legs and thigh when he walked by a neighbor’s house and was bitten by her two dogs.
PLAINTIFF VERDICT, COMPENSATORY AWARD: $500,000
- A man improperly installed a pool diving board at his former home that later resulted in a serious injury to the home’s new owner. OUT-OF-COURT SETTLEMENT: $2,500,000
- A driver was rear-ended by an uninsured motorist, which forced the driver’s car into another vehicle and caused injuries to the occupant of the front vehicle. OUT-OF-COURT SETTLEMENT: $1,250,000
Source: The cases with jury verdicts were taken from Jury Verdicts Research, an LRP Publication Company, Horsham, Pennsylvania.
Why do I need more insurance?
Your current home and auto insurance will protect you against a minor misfortune—but it probably would not give you the needed protection against a catastrophic loss.
Besides providing increased liability limits, a personal umbrella policy gives you additional benefits:
- You are covered for defense costs and attorneys’ fees associated with claims against you that are covered by your personal umbrella policy but not by your primary policies. These expenses are paid in addition to your policy limit.
- Coverage for a loss that takes place anywhere in the world./li>
- You may be protected against claims that may not be covered by your underlying policies for homeowner’s, auto liability and/or watercraft liability.
