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Are Your Personal Liability Limits Keeping Pace With The Growth In Your Assets?

According to a recent survey by the Chubb Group of Insurance Companies, 88% of the responding households saw an increase in their personal wealth during the past two years. However, 63% of the respondents admitted that their excess liability limits have not kept pace with the growth in their assets.

At the same time, jury awards have continued to increase. Jury Verdict Research finds that the average award of $1,004,308 in 1999 was 240% higher than in 1994 when it was $418,478. Since 1994, the average award in vehicular accident cases rose from $75,127 to $315,653 while in personal negligence cases, the average award jumped from $264,765 to $2,959,0947.

The increase of Internet use also exposes a family to liability. A claim cited by Chubb involved a couple who recently incurred $750,000 in settlement and legal expenses when a jury held them responsible for defamatory remarks about teachers their 14-year-old son posted on a password-protected Web page.

Don't leave yourself exposed to the financial consequences of lawsuits. A Personal Excess Liability policy can provide protection beyond the limits of liability in your homeowners and auto policies. Coverage is available in $1 million increments for a relatively small premium. Call us for an insurance review.