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Personal Umbrella Liability Policy

We’d like to take this time in the New Year to discuss the importance of having a personal umbrella liability policy.

Lawsuits claiming high damages are becoming more common every day. You’ve probably read about them in the papers or heard about them from friends. An unfortunate incident or accident often leads to a large lawsuit. Even when you win, the defense costs alone can be substantial. The best way to protect your assets is with a personal umbrella liability policy.

Individuals whom own a home or other property, have financial assets in excess of their insurance liability limits, own a dog or other animals, or own a swimming pool to name a few, are prime targets for civil lawsuits. Here are a few examples of incidents which may lead to a lawsuit:

Example 1: An insured was driving their boat. An occupant on the boat was standing on the front of the boat while it was moving. The occupant fell in the water and sustained injuries as a result. The occupant has sued for limits above the watercraft liability policy.

Example 2: The insured’s dog jumped up at the neighbor, causing the neighbor to fall and injury their back. The neighbor sued for limits above the homeowners policy.

Example 3: The insured’s son was operating an ATV while two friends were riding on the back. While going down a dirt trail too fast, they hit a stump and crashed. The friends were severely injured and sued the insured for limits above the recreational vehicle liability limits.

A personal umbrella policy provides excess coverage above your basic homeowners’ personal liability, automobile liability and other liability policies of a personal nature. For example, if you have liability limits of $250,000 for your auto, a personal umbrella can provide an additional $1 million of protection. Higher limits are also available if needed. A personal umbrella may also provide coverage for certain occurrences not covered by the underlying policies. Although the actual coverage will vary depending on which insurance company you have, typical personal umbrellas provide insurance for:

• Incidents involving operation of most motor vehicles, including cars, trucks, motorcycles, RVs, and most watercraft.
• Incidents involving any property covered by your basic homeowners policy.
• Incidents involving slander, libel, defamation of character, invasion of privacy, or false arrest.
• Defense costs, even if you are found not liable.

Call Stapleton today at 419-720-6446 to discuss your needs in greater detail and let us help you find a solution.

 

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