Group Personal Excess Liability

It only takes a second to lose what you’ve spent a lifetime building.

• It’s raining, and your car skids unexpectedly. The passenger in the car you hit suffers a neck injury.
• As your new wide-screen television is delivered, the deliveryman slips and falls on the steps to your home and breaks his leg.
• You volunteer on the board of directors for your condominium or homeowners association.
• The board installs a playground with a faulty swing, and a fellow association member’s child is injured.
• A guest unknowingly dives into the shallow end of your pool and suffers devastating paralysis.

Now you are being sued.

What’s your risk?

The risk to your financial security depends on several factors.  Do you…

• Own a home?
• Drive a car or a motorcycle?
• Have children who drive or are away at school?
• Employ residential staff, such as a housekeeper, nanny, au pair or cook?
• Have a dog?
• Frequently entertain guests at your home?
• Blog, tweet or post comments or photos online?
• Own a boat, RV or snowmobile?
• Own a swimming pool or trampoline?
• Serve on a non-profit organization or condo association board?

If you answered “yes” to any of these questions, your assets may  not be adequately protected.

How much do you have to lose?

Personal lawsuits in the United States are growing at an alarming pace, as evidenced by new liabilities and exorbitant jury verdicts that can run in the millions. Even the cost of damages that may appear to be minor at first — such as a fender bender — may actually end up being quite costly over time. The liability coverage provided through your automobile or homeowners insurance policies is often not enough.

How can personal excess liability insurance help protect you?

Personal excess liability insurance offers higher limits you may need to cover damages for which you or members of your household may be legally responsible.  Often called an umbrella policy, excess liability insurance is a critical, but often overlooked component of a personal insurance portfolio. A personal excess liability policy is triggered when the amount you must pay in a covered lawsuit exceeds the limits of liability under your homeowners, condo, renters, automobile, recreational vehicle, motorcycle or watercraft insurance policies.

Why group personal excess liability insurance?

In short, enrollees can get more for less. Group rates are typically lower than individual policy rates, and Group Group Personal Excess Liability
Insurance from Chubb contains additional coverages at no added cost. Group plans also offer higher policy limits than might be available on an individual basis — with no individual underwriting.

How much is enough?

The amount of excess liability coverage that is right for you depends upon your personal financial situation. If you are sued and do not have adequate liability coverage for the amount of the legal damages, you could lose current assets as well as future earnings. When selecting the appropriate amount of personal excess liability insurance, consider the following steps:

• Review all of your assets, including your house, automobiles, personal belongings, valuable collections and investments.
• Determine your risk factors such as long commutes to work, teen drivers in your household, number of residences owned, domestic employees, watercraft owned, and online activities of household family members.
• Consider the unknown. Who might a family member in your home hurt in a car accident? What would the lost wages and medical expenses be for a lifetime of critical care?

Group Personal Excess Liability Insurance from Chubb

• A Group Personal Excess Liability Insurance policy from Chubb offers broad coverage and limits ranging from $1 million to $50 million:
  • Property Damage and Bodily Injury applies in the event you are liable for someone being injured on your property.  Examples of this include someone falling on your front walk, slipping near your pool, or being injured by a pet you own.
  • Personal Injury is applicable in lawsuits alleging libel, slander or defamation of character. Considering the increased number of libel and
    slander cases related to social networking Web sites and Internet blogs, this coverage is now more critical than ever.
  • Defense Costs for a lawsuit, even if it is groundless, false or fraudulent, are included in the case of a covered excess liability loss. Chubb will
    provide legal counsel, with coverage for all reasonable expenses incurred.
  • Uninsured/Underinsured Motorists (UM/UIM) Protection is important coverage. The Insurance Research Council estimates that 1 of every 6 drivers on the road is uninsured, highlighting the need for UM/UIM coverage that provides benefits directly to you and your covered passengers if involved in an accident with an uninsured or underinsured driver.

Don’t lose what you’ve spent a lifetime building.

Chubb offers among the broadest personal excess liability coverage available today. For enrollment options and information regarding this group
benefit, please contact us today.

CPE Existing Client Employee/Member Enrollment Form | CPE Risk Analysis