Benefits of Personal Excess Liability

Will your personal liability insurance cover you?

We view personal liability as the most important coverage in your insurance portfolio designed to properly insulate you and your assets.  A personal excess policy provides you with liability coverage for damages for which you or members of your household may be legally responsible.  It helps protect you against the cost of damages which might appear to be minor but can end up being costly over time.

Consider your risk on the following liability situations:

  • A guest in your home is paralyzed as a result of diving in your swimming pool.
  • While driving, you seriously injure a business executive with your car. Medical costs, lost income and personal injury damages can easily run into the millions.
  • Your dog bites and disfigures a neighbor's child.
  • You serve on your co-op's board of directors. The board decides to install new playground equipment.  A child is injured on the equipment and you are sued as a board member.

Your personal excess liability policy is designed to protect you in these situations. It covers personal injury, bodily injury, and property damage suits for which your many be held liable.  The policy will pay claims up to your coverage limit on an occurrence basis, and also pays for legal defense costs for covered losses.

How much excess liability coverage do you need?

The amount of personal excess liability coverage you choose depends on your individual requirements.  How do you determine the amount?  It is all based on what your exposures are and the potential assets that you could lose in the event of a lawsuit. You want a level of liability that sufficiently addresses your coverage needs based on the number of assets you have, future earnings and lifestyle. Assets include:  how many homes, cars, drivers, youthful drivers, pools, tennis courts, watercraft, ATVs, etc. Your insurance broker can guide you further as to the recommended minimum amount.

If you have any questions, please call Eileen Lamm at 908-790-6928 or use our  online contact form.