Liability - are you covered?

Our insurers are experiencing an increase in litigation and legal action as a result of increased lawyer advertising in our country.  Judgements amounting to thousands or even millions are being awarded by courts across the country in ever-increasing numbers. In addition, your property and auto liability insurance does not cover everything – disputes that involve defamation of character, libel, slander and invasion of rights require an extra level of protection.   If you are active in your community, often entertain at your home, a frequent traveler to the U.S.A. or other parts of the world, volunteer for such things as school field trips, amateur sports, clubs or as a director of a non-profit organizations (including condo corporations), you may want to consider adding Personal Umbrella Liability protection to your policy to increase your liability protection and provide further peace of mind.
Some scenarios where a Personal Umbrella Liability policy would be beneficial:
  • If you are found responsible for damages in excess of your car insurance’s limits i.e. Protected for $1,000,000 but lawsuit is for $3,000,000.  Especially if this accident occurred in the U.S.A. (where the lawsuit rate is much higher), the current lower exchange rate negatively affects your coverage limits by approximately 25%!
  • If you have a pool, trampoline, pets, seadoo or boat and third party sues for damages as a result of injury on your property, an umbrella policy can fill the gap in protection.