Umbrella Coverage Information
Chartwell clients typically regard insurance as a vital instrument to protect their often extensive real and personal possessions and help repel assaults on their assets through liability lawsuits from aggressive third parties and plaintiff attorneys. Liability lawsuits often follow automobile accidents, but can also arise from claims alleging personal injury; the deep pockets of high net worth individuals make them an attractive target. Excess liability insurance for high net worth individuals should be provided by insurers that offer the broadest definition of occurrence, policy limits of up to $100 million, with options for employment practices liability, uninsured and underinsured motorist protection, underinsured liability (incidents caused by underinsured property owners and cyclists), as well as reputational injury coverage.
Group Personal Excess Liability (GPEL) insurance allows employing organizations (corporations, LLCs and LLPs) to offer key employees including executives and owners, directors, and partners the option to purchase high limits of personal excess liability (umbrella) coverage on a group basis at favorably negotiated rates. The GPEL policy is rated on a pre-calculated average number of exposures so the pricing is simple; the cost per million is the same for all applicants no matter how many homes, vehicles or drivers in their household. More importantly no eligible applicants can be denied. Most participants should receive a lower cost per million dollars in coverage than they could purchase individually. This benefit ensures that all key employees have an adequate minimum limit of personal liability in the event of a claim with important coverages like broad definitions of occurrence and defense costs in addition to the limits of liability.
Umbrella Liability Services Include:
- Uninsured/Under-insured motorist
- Under-insured liability
- Workers Compensation
- Employment Practices Liability Insurance