Many people feel that we now live in a litigious society. We hear about lawsuits being filed for injuries resulting from seemingly minor auto accidents or slip and fall injuries at residences. With this trend in filing lawsuits, we strongly recommend that our insureds consider purchasing an excess liability, or umbrella, policy to protect their assets. These would include any homes or properties owned, vehicles, boats, retirement income, etc. Coverage can be purchased starting at $1M in coverage for a relatively low premium and can often be endorsed onto the existing homeowner policy.
It is extremely important that one protects the assets that could be made available to someone who has been successful in obtaining a judgment against you.
Another factor to consider in protecting yourself is not only to purchase this excess liability coverage, but also to try to eliminate the potential risks for injury. When driving an auto, avoid alcohol, cell phone usage, and other distractions while observing the rules of the road and maintaining safe speed limits. At residences, paths should be kept clear of ice and snow in the winter and smoke & carbon monoxide detectors should be maintained in proper working order. Power tools, weapons, and alcohol should be kept under lock and key and toys and gardening tools should not be left where visitors could trip or fall. If there is a swimming pool or pets, verify that you are complying with town ordinance requirements for the pool’s fencing and gates as well as pet restraints.
It is not our intent to alarm anyone but rather to educate people by making them aware of their ability to keep themselves and their assets protected.
For additional information on other insurance coverages or to watch some of our informative whiteboard videos, please visit our website at www.agordon.com. Learn about your home insurance options here.