Umbrella – Excess Liability
Perhaps the most important insurance coverage you can buy is a Personal Excess Liability policy. It is often overlooked, it is affordable and it provides peace of mind in the event of an unthinkable accident.
A Personal Excess policy protects you against claims for personal injury and property damage – with limits attached above your homeowners, automobile and watercraft polices
PURE offers you limits up to $10,000,000 for damages, with coverage for defense counsel not subject to a pre-set limit. The coverage is as broad as other insurers, with competitive premiums.
Unlike other carriers, PURE charges a premium based on the driving experience and responsibility of the household members. Other companies rate Personal Excess Liability policies on the number of vehicles a person owns – even if many of those vehicles may stay garaged at your residence. For members with more cars than drivers, the PURE approach could produce a substantial premium savings.
How Much Should I Buy?
PURE will not sell a personal excess liability policy with a limit less than $5 million.
We encourage you to consult with your insurance agent to help you choose the right amount of coverage for you and your family.
However, we can offer some general advice to high net worth households:
- Buy at least $5 million of Personal Excess Liability coverage. This amount should serve to protect you against the vast majority of claims for personal injury and property damage. In fact, PURE does not offer limits below $5 million.
- Protect your net worth. A simple rule of thumb is to buy protection up to your net worth (typically up to $10,000,000 of coverage). If you have more to lose, you might find it to be cost-effective to buy even higher limits.
- Remember, with most policies, the cost of defending a lawsuit is not subject to the policy limits. Be sure to select a policy (like PURE’s) that provides defense “outside of the limit.”
This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued.
