Ironshore Personal Lines is offering a new umbrella program for high net worth homeowner insureds, with properties valued in excess of $1 million, as complementary liability coverage for losses due to unforeseen legal actions.
Ironshore Personal Lines' umbrella program provides liability coverage limits of up to $5 million as part of its high value homeowner property plan in select states nationwide.
“Recently, lawsuit settlements and jury verdicts have been unpredictably high, exposing high net worth families to significant personal loss,” said Daniel Olmsted, the senior vice president of personal lines. “Ironshore's umbrella policy is designed to fill liability coverage gaps that often exist within high value property programs.”
The policy coverage addresses liability damages awarded against high net worth families for various legal actions such as automobile accidents, dog bites, libel, slander, and bullying. Legal expenses also are covered without reducing the excess umbrella coverage limit. Coverage can include court costs and fees associated with legal defense of the insured's case. Optional protection is available for first party loss faced by the homeowner when the responsible party does not have adequate insurance coverage for associated costs.
Mr. Olmsted added that, “most high net worth households do not have sufficient protection against financial exposure suffered as a result of a severe loss event scenario triggered by an unexpected lawsuit.”
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].