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Personal Umbrella Undersold?

Umbrella insurance provides peace of mind, especially for wealthy folks

By Matthew S. Marrone, Esq. | Updated on July 28, 2012
In addition to writing this column on a quarterly basis, I’m an avid reader of American Agent & Broker magazine. While keeping me abreast of industry trends and developments, it often provides me with ideas for future columns.

In its April issue, AA&B reported results from a recent survey of 168 households with more than $5 million of investable assets, conducted by ACE Private Risk Services (see Industry IQ article “Wealthy Fear Liability Lawsuits,” April 2012). According to the survey, more than 80 percent of the respondents fear their wealth makes them a target for liability lawsuits. Nearly two-thirds of the respondents said they believe public perceptions of the wealthy have grown more negative over the past 4 years. 

These survey findings were not all that surprising. If anything, with the relative popularity of the Occupy movement over the past year, I’d wager that if those same households were polled again right now, the numbers would likely be higher. What was surprising—shocking, even—is that in ACE’s estimation, only half of those wealthy families had adequate liability insurance and 21 percent reported having no liability insurance at all.

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