All About You: Personal Risk and Liability Situations (Part 2)

personal excess liability

In the first post we discussed an introduction to liability coverages and protecting your financial future.

Here we have shared a number of situations to consider as you evaluate the potential cost of your liability risks and exposures:

Dependent Children

Children who lend cars to friends, host parties or use social media put you at risk.

Even as children graduate from college, they may still be reliant on their parents for financial support, in which case a vehicle owned by Mom or Dad may be with the child in another state, exposing the parents to litigation caused by their children’s actions. Children of high profile parents will attract even more attention.

Domestic Staff

Acting on your behalf and having access to the family vehicles leaves you vulnerable to their negligent actions, and you may be a target.

Staff injured in your home may or may not be covered by your homeowner liability.

Rented Recreational Vehicles

Did you know that the jet skis, ATVs, scooters and other recreational vehicles your family rented on vacation may not have been covered by your personal liability coverage?

What’s worse, is the waiver you signed when renting these vehicles stated that no coverage was afforded to you by the rental company. Check with your insurance professional before you leave on vacation to review your coverage limitations and how you can avoid costly coverage gaps.

Short-Term Rentals

Homes, which you do not occupy and which are rented to others for a period of less than 12 months a year, are considered business exposures and may not be covered by personal liability insurance. Be sure to consult with your insurance professional and be aware of the policy limitations and exclusions associated with this exposures and others.

Personal Injury

Depending upon your occupation or public profile, some carriers will exclude or limit this important coverage from your personal liability insurance. Since most Excess Liability policies are “follow form,” if coverage is restricted on the underlying policy, it will most certainly not be covered on the excess liability policy.

 

Contact our personal client management team to continue the conversation. View our first post on an intro to personal liability, All About You: Personal Liability Risks and Exposures (Part 1).

 

Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy