Anchor Marine Underwriters

Evaluating Your Insurance Needs

Umbrella Coverage: An Essential Tool for Protecting Your Net Worth

Anchor Marine Insurance Underwriters, Private Risk - Total Protection


Protect yourself from liability lawsuits that could substantially deplete your net worth and future income with the superior coverage provided by our Umbrella policy, an essential component of the ACE Platinum Portfolio program.

The threat from personal liability lawsuits

The more you have, the more attractive you are as a target for a liability lawsuit. And lawsuits can be very expensive.

Personal liability awards and settlements can reach into the tens of millions of dollars, far exceeding limits in basic Home and Auto policies and perhaps even your current Umbrella coverage.

From 2000 to 2006, the highest personal injury award was $326 million, 13 percent of all personal injury claims exceeded $1 million, and 4 percent exceeded $5 million.

Here are just a few of the cases that lead to large awards or settlements over the 2000 to 2006 time period:

$8.0 million: Male plaintiff suffered an aggravated vertebra injury requiring fusion surgery as a result of a fall from a porch at a residence owned by the male defendant.

$4.6 million: A two-year-old child suffered anoxic brain damage, which resulted in diminished mental capacity, total blindness, and spastic quadriplegia when he wandered into a swimming pool after squeezing between the boards of a surrounding fence at the defendant’s home.

$9.5 million: A 14-month-old child became permanently paralyzed as a result of an auto accident when the defendant’s vehicle stalled in the middle of the roadway.

Fortunately, such occurrences are rare, but an affluent lifestyle can put you at a higher risk.

Swimming pools, trampolines,and tennis courts at your homes increase the chance of injury and death.

Domestic staff can sue you for harassment or wrongful termination. If you serve as a volunteer board member of a non-profit organization, you could be held personally liable for the actions of the organization.

How our Umbrella coverage protects you

Our Umbrella policy provides additional liability coverage once the liability limits in your Home and Auto policies are exhausted. A host of options designed specifically for affluent lifestyles is also available.

*Up to $100 million in excess liability coverage for bodily injury, personal injury, and property damage

*Legal defense costs, which can run into the hundreds of thousands of dollars, are covered in addition to the liability limit.

*Up to $25,000 for the cost of having your private counsel shadow our defense efforts, with options up to $250,000

*Up to $25,000 for the cost of hiring a public relations firm to protect your reputation, with options up to $250,000 Worldwide coverage. Some aspects of Home and Auto coverage may not extend throughout the world; our Umbrella coverage would fill the gap and provide coverage from the first dollar of loss. For instance, liability coverage for rented or borrowed vehicles is provided while traveling abroad.

*Optional Uninsured/Underinsured liability coverage, with limits from $1 million up to $10 million, protects families if they suffer bodily injury or property loss at the hands of someone who has no or insufficient insurance.

This endorsement is unusually broad because it is not limited to automobile accidents. It applies to other accidents as well, such as swimming pool mishaps on a neighbor’s property.

Coverage options for domestic staff and non-profit board exposures are also available.

ACE Platinum Portfolio®

Home • Auto • Umbrella • Valuables • Rental Properties• Watercraft

Protect Your Net Worth with Umbrella Coverage

Excellent value for the coverage limits

Umbrella coverage has always been considered one of the most economical components of a personal insurance program.

Coverage for the first million dollars starts at about $1 per day – less than a cup of coffee – and the cost per additional million dollars in coverage becomes even more attractive.

Higher limits up to $100 million are also available. Speak to your agent or broker about the options and cost.

How much Umbrella coverage do you need?

Jury awards and settlements for personal liability lawsuits can put all of your assets as well as future income at risk. To be fully protected, you should consider the following:

Equity in your real estate holdings Value of your personal possessions Savings and investments, including retirement accounts Future income stream from your employment

Developing an overall estimate can be a complex process. Your financial advisor should be able to help you develop an overall estimate considering the elements listed above.

Your insurance agent or broker should then be able to discuss your tolerance for risk and how much Umbrella coverage would be warranted.

Important Notice: This brochure contains only a general description of the insurance coverages provided by our policies. Coverage terms are subject to change and can vary by state. The brochure does not include all of the benefits and limitations found in the policy. The insurance policy itself, not this descriptive brochure, will form the contract between the policyholder and the insurance company.

Policies issued by Bankers Standard Insurance Co.

PL-593 0209

Home • Auto • Umbrella • Valuables • Rental Properties• Watercraft