A personal excess liability policy - commonly known as an "umbrella policy" - is designed to cover damages that you are legally obligated to pay to another party as a result of bodily injury, property damage, or personal injury, such as libel or slander.
Your personal excess liability coverage can be purchased through this group program offered by your employer. The benefits of participating in a group program include:
Average liability settlements in the US are over $1 million, yet coverage through home, auto, and watercraft policies is typically limited. A personal excess liability policy provides additional coverage when the unexpected happens.
Why do I need excess liability coverage?
As you enjoy the lifestyle rewards of your career success, it's important to keep in mind that your potential exposures change as well. For example, the risk of facing a personal liability lawsuit increases with one's assets and individuals known to have substantial assets are particularly vulnerable. In today's litigious environment, legal awards tend to be incredibly high with average personal injury settlements topping $1 million.
Large claims for personal damages can stem from:
Answers about the plan, including eligibility, options, enrollment, customer service and more.
Don't I already have liability coverage through my homeowners or auto policies?
What is a "group" personal excess liability policy?
Purchasing personal excess liability coverage as part of a group program provides several advantages:
Who is eligible?
How much will this coverage cost?
How do I change my policy?
What do I do if I have a claim?