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Umbrella Liability Insurance
In today's society, nearly anyone who owns assets or earns a reasonable income can become the target for a costly lawsuit. That means it's extremely important to have enough liability insurance to protect your assets and future earnings. The simplest way to be sure you're safeguarded is with an umbrella policy.
Consider the following coverage features:
Liability coverage is possibly the most important insurance protection you can buy.
Why is it so critical? Because liability insurance protects you financially when you cause damage to others. When you're liable for harm you or family members have caused someone else, there's no way to know up front exactly what the cost of that damage could ultimately be.
A Plan for the Unexpected
Unlike a home or RV, with liability coverage you're insuring something without a price tag. It can extend to a variety of scenarios affecting the other party such as medical bills, lifestyle changes due to injury, pain and suffering, and even loss of life. It also pays for your legal counsel and representation.
You likely have basic liability coverage on your homeowner's and vehicle policies, but in today's society, where lawsuits are becoming commonplace, you could be sued for amounts far greater than the basic coverage carried on these policies�and you'd be responsible for paying the excess out of your own pocket.
How Umbrella Liability Coverage Works
Scenario: You are responsible for causing a vehicle accident in which another individual is injured and ultimately sues.
An umbrella liability policy shelters you if your primary policies (homeowner, auto, or RV) are depleted. In the scenario above, an umbrella policy would cover the $150,000 difference between the judgment and the liability limit on your policy and also provide you with legal counsel until resolution is reached, so your assets remain protected.
Don't take a chance on losing what you've worked so hard to earn. Protect your assets by securing an umbrella liability policy right away.
Coverage information and definitions are general explanations and are not representative of all exclusions and conditions. All insurance coverage is subject to the terms and conditions of the policies issued.
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Example
The Situation...
A 15-year veteran RVer was backing his new 40-foot motorhome into a campground space. A couple was helping to guide him with hand signals when he inadvertently hit the accelerator instead of the brake and knocked them both to the ground. They were rushed to the hospital where the wife was treated for a broken hip and the husband for a broken elbow and torn ligaments in his shoulder. The Outcome... The husband was a periodontist, and his future earning ability was greatly diminished by permanent damage to his shoulder. The court's judgment was for $848,000 for their pain and suffering and his loss of income. Damages and Legal Fees: $872,000 RV Insurance Liability Limit: $300,000 RVer's Responsibility: $572,000 (Would be covered by umbrella liability policy) |