High Limit Personal Liability Coverage: More For Less

Financially successful individuals and families with significant insurable assets should secure personal excess liability. This coverage provides an additional layer of asset protection for damages you or a covered family member may be responsible for paying after a covered lawsuit exceeds the coverage provided by your primary auto, homeowners, recreational vehicle, and watercraft insurance policies.  

Why do you need excess liability coverage? Check all that apply:

• I own a home
• I regularly drive a car
• I have children who drive or are away at school
• My home has a swimming pool
• I employ a housekeeper, nanny, gardener, and/or other domestic staff
• I have a dog
• I own a boat
• I entertain at my home
• I blog, tweet, and/or post comments or photos online
• I serve on a board of a non-profit and/or a for-profit organization

More for Less?

Each of the above factors can expose personal assets to significant financial loss, and financially successful individuals and families with numerous exposures should seek a higher limit of protection to protect their assets adequately. While the cost of coverage is not especially high, we are often asked by those requiring significant limits of coverage to identify the best approach to secure more coverage at the lowest cost.  

The most cost-efficient approach to securing high limit personal excess liability coverage is by gaining access to a group offering through an employer or a professional association. “Group personal excess liability” is an innovative alternative to purchasing a traditional “personal umbrella” insurance policy. This approach provides broad protection from many forms of personal lawsuits and is made available as a voluntary executive benefit to select employees of a participating organization.  

Enrolling as a member of a qualifying group also provides access to important additional coverages at no additional cost, creating the opportunity to secure broader protection with higher coverage limits at lower costs.  More for less.

Why Purchase Personal Excess Liability as Part of a Group Program?

• The cost of coverage is appreciably lower than similar policies purchased individually.
• Programs can provide coverage between $1 million and $50 million
• Individual eligibility is determined using the profile of the entire group
• It is easier and less costly to qualify for higher coverage limits as part of a group
• Protection from risks not ordinarily covered by a personal umbrella policy can be secured

What Organizations Can Benefit Most From a Group Program? 

• Organizations seeking personal asset protection for groups of employees from possible lawsuits, especially those that may arise when employees are traveling on company business.
• Organizations with 50 or more professionals who value convenience, enhanced protection, and the benefits of discounted group pricing and flexible underwriting
• Organizations with key employees who serve as directors for non-profit organizations
• Organizations with key personnel who may not qualify for personal excess liability coverage on an individual basis  

Contact an Assurex Global expert should you want to better understand the opportunities to secure more personal excess liability coverage at a lower cost through a group offering.

Tim O’Brien
SVP, Property & Casualty
Assurex Global