Personal Excess Liability coverage provides you with additional liability protection over and above your primary homeowners, automobile, recreational vehicle, watercraft and other personal liability insurance. It helps protect you from costly personal liability lawsuits that might otherwise put your property and assets at risk.
What is the difference between the group policy and what I can purchase on my own?
The “group” policy is a convenient way to get your excess liability coverage. It is typically less expensive than buying an individual policy, offers higher limits and provides broadened underwriting eligibility. The coverage terms and policy contract are on a follow- form basis, meaning that they follow the coverage structure of your underlying policies.
Who is covered as a named insured under my policy?
The named insured means the person shown on the certificate and that person’s spouse, domestic partner and any relative related by blood, marriage or adoption, who is a resident of the same household or any other person under the age of 25 in the care of a covered person.
Where am I covered?
The group policy provides worldwide coverage.
Are my children who are away at college covered under my personal excess liability policy?
Yes, as long as they maintain that your household is their primary residence when not at college. Note: if they have their own insurance, their policy should also be written with the required underlying limits or there will be a self-insured gap. Please log in to see required underlying limits.
What are the consequences if I do not maintain the required underlying limits?
You will be self-insured (uninsured) for the gap between your maintained limit and the required underlying limit. Please log in to see required underlying limits.
What is the excess uninsured/ underinsured motorists coverage and why is it so important?
Should you or a member of your family be involved in an accident with an uninsured/underinsured driver, this coverage will reimburse you for the damages you should have been able to collect from the other driver’s insurance, i.e., loss of income/future earnings, short-term/long-term medical expenses, pain and suffering. Also, this coverage would respond if you or a family member were injured by an uninsured/ underinsured driver as a pedestrian or in a “hit and run” occurence. Please be sure that you maintain the required underlying limits. Please log in to see required underlying limits.
Is personal injury included?
Yes. Personal Injury means (a) Bodily injury, shock, mental anguish, mental injury, sickness or disease, including death; (b) Injury because of false arrest or imprisonment, malicious prosecution, wrongful entry or eviction, humiliation, libel, slander, defamation of character or invasion of privacy.
Is coverage included while serving as director or officer of a non-profit organization?
It includes coverage for a personal injury or property damage claims arising from activities as a Director or Officer of a non-profit organization, or to a condominium or cooperative association. (However, fiduciary liability is not covered.)
Are professionals and business activities included?
Professional activities are not included in coverage except on a follow form basis, but incidental business activities covered by a personal (homeowner or automobile) liability policy are covered subject to the limitations state in the policy under “business pursuits.”
If a house is rented out to someone else, is it covered?
If the rental property is covered by the participant’s personal liability policy, this policy will provide coverage on a follow form basis, subject to the limitations stated in the policy under “business pursuits.”
We own a minibike/moped/golf cart that is not licensed for road use. Am I covered?
Check your homeowner policy to be sure that it provides Comprehensive Personal Liability coverage for unlicensed vehicles. If not, a policy must be purchased to provide the required limit. Please log in to see required underlying limits.
If I race my boat on the weekends, am I covered?
Yes, but only if you are racing a sailboat. However, coverage is not provided for any car, motorcycle, recreational vehicle or other watercraft while practicing for or taking part in a competitive race.
Can the policy be converted to a personal umbrella policy if I leave the firm?
No. The policy is not convertible. The participant would have to replace coverage on an individual basis. The policy will terminate upon the expiration date and no renewal will be offered.
How much personal excess liability coverage do I need?
There is no specific formula used to determine the needed amount of coverage. There is a balance between protecting your assets and providing a level of insurance protection that will take care of catastrophic events.