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FACT or MYTH? You do not have to be a millionaire to be sued for a million dollars.

March 2017

FACT! Everyday individuals with adequate insurance coverage are sued for amounts that are both in excess of their personal liability coverage and also in excess of their personal wealth. Situations where such a lawsuit could occur are common and include, but are certainly not limited to, the following:

  • If you operate a vehicle and ever engage in momentary distractions while driving, you are at risk. If such a distraction results in an accident where serious injuries and/or property damage occurs, it is likely the other party has a solid legal case.
  • Your swimming pool attracts both invited and uninvited guests, regardless of fences and other thorough precautions. In either case, if your swimming pool is the cause of someone’s injury while on your property, you are at risk.
  • If you teenage driver is driving a group of friends to a school event and is involved in a major accident, you are at risk.
  • If you own a boat and injure a water skier while boating, you are at risk.

We can all identify with one or more of these risks which pose the danger of catastrophic financial loss. To give our clients peace of mind, our team encourages our clients to purchase personal umbrella coverage. Such coverage starts with limits of $1 million dollars and offers coverage where your homeowner or auto policy coverage ends. For many carriers, an umbrella policy covers you for personal liability while you are anywhere in the world. It can often times also contribute to package discounts when applied to other policies with the same carrier. At Peel & Holland, the typical premium for a $1 million umbrella is only about $175 a year – a small price to pay for such great coverage!

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