It is not always easy to think about the “worst case scenarios” in life, but it is necessary to make sure you and your loved ones are protected. Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and, as a result, it helps protect your assets and your future. We have some real life claims scenarios that will definitely make you consider purchasing Umbrella Insurance ASAP!
For an affordable price (a $1M policy is around $200 bucks per year) you can make sure you and your family are covered when events like these happen…
Claim #1: In New Jersey a $1.2 million settlement was reached when an underinsured driver hit a policeman who was completing paperwork at a traffic stop. The driver had to pay legal fees for his defense as well as the settlement.
Claim #2: A teen driver stopped at a stop sign to wait for a friend to catch up. The driver put the car into reverse to back up to meet the friend, when the car ran into a jogger. The jogger received a massive head injury, and the total claim was $1,000,000 over the parent’s primary insurance policy.
Claim #3: A family was hosting a dinner party and gave a few friends a tour of their home before dinner. During the tour, one of the guests tripped and fell down some stairs located in an unexpected area, receiving severe injuries. The guest sued the hosts for $500,000, which was $200,000 more than what their homeowners’ policy will cover.
Claim #4: A family was taking a ride in their speedboat, taking care to avoid other boats on the water. However, they didn’t see two individuals floating in a tube near one of the boats. The boat hit one of the individuals on the tube, causing life-threatening injuries. The claim cost was $2,000,000 over the boater’s primary coverage.
Claim #5: In 2014, a 23-year old man, Mr. Craig Snow, was ordered to pay $2 million dollars in damages under the Massachusetts “Social Host Laws” to the parents of a teenage girl killed in a drunken driving crash. The young woman and her boyfriend, both 19 at the time of the accident, went to a party at Mr. Snow’s house where they proceeded to drink. When they left Mr. Snow’s home, the young boyfriend was driving and he proceeded to drive through 2 stops signs and roll his SUV – killing his girlfriend. – Umbrella Insurance & Social Host Liability
Claim #6: A 28-year old man dove into a friend’s above ground swimming pool struck his head on the bottom and, as a result became a quadriplegic. He then went on to sue both the homeowner and the pool manufacturer. Later the court found the homeowner to be 60 percent responsible and the pool manufacturer to be 40 percent responsible, and awarded $10,000,000.
For a deeper look into the topic of Personal Umbrella Insurance check out our recent blog post The Benefits of Umbrella Insurance.