In today?s world of lawsuits, the courts are awarding humongous monetary reimbursement for just about any type of suit, even the seemingly frivolous. Until true reform is enacted into law, it may be wise to carry an umbrella policy.
Umbrella insurance is designed to cover costs over and above the limits you may have on your homeowner?s, auto and watercraft policy?s liability coverage. Though once a policy for the extremely wealthy who are often targets of expensive lawsuits, more and more average Joes are buying this coverage in order to protect their assets.
Think about it. You are out on the lake, enjoying an absolutely stunning day and as you pull out of the cove where you have been fishing, some hot rod skier comes around the bend and the two of you collide. Now, without other witnesses, who is to say who is at fault? In fact, even with witnesses that may be hard to determine. Witnesses are notoriously unreliable in stressful situations; sometimes 10 witnesses can have 10 different stories. In many cases it is just a matter of who gets to court first and throws the first punch. That?s not to say that ALL accidents will end up in front of a judge, but insurance companies tend to fight big lawsuits, especially ones that are ?iffy? at best. So, you may not have an option. And if the suit does not go in your direction, then you may be liable for whatever was awarded over what your policy covers.
Liability is the portion of your insurance that pays expenses for lost wages, rehabilitative therapy and medical bills due to the negligence of the person deemed at fault. It is a civil case, and may be in addition to criminal charges pending for drug or alcohol abuse, even if you only had one beer. And it may or may not go in front of a jury, as some of these cases can be decided by a judge. But, in most large award cases, a jury will be involved and 6 to 12 people will decide first, whose fault is it, if that can be decided and what the monetary compensation will be. And if it is both people?s fault, then what is the percentage of blame to be assigned to each person? Between monetary damages and court fees, you could find yourself losing your home and/or other assets as a result. Most states have financial responsibility laws that will enforce the court?s decision.
Umbrella protection can provide insured people with additional liability coverage for a very reasonable price when compared to the coverage gained. In addition, the umbrella policy will cover you on non-business related claims, regardless of where you are in the world.
Don?t make the mistake of saying, ?It can?t happen to me.? What if the guy in the ski boat had a toddler in the boat that was injured, and maybe a wife and teenage son or daughter, and it was just you, one old guy out enjoying the day, but you happened to have a cooler with beer in it, even if you hadn?t drunk any and didn?t plan to until you camped for the night? Who do you think the jury?s or the judge?s sympathies would lie with? We like to think that we are protected by the law, but there you are back to relying upon witnesses or the first emergency responders on the scene and it comes down to ?he said-she said?. It CAN happen to you! Maybe an umbrella policy isn?t such a bad idea after all.
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coded by nessusSource: http://www.oxfordgardens.net/umbrella-insurance-explained/
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