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