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A Real-Life Scenario Involving Premises Liability

Have you ever wondered if liability insurance is really worth it? Here's one instance where a personal umbrella policy paid off.

Incident: The insured hired a friend to replace and install a new dock on the lake behind his house. During the construction, the friend requested some trees be removed in order to get the old dock out of the water. The insured used a backhoe to knock down the trees. While knocking down one of the trees, a limb hit the friend on the head and neck.

Outcome: The underlying insurance coverage limits were paid out, but there was still a balance of $800,000 for the claim. The Personal Umbrella Policy paid out the remaining $800,000, avoiding any out of pocket expenses for the insured.

A personal umbrella policy will provide additional liability coverage above the limits of your homeowners, auto, and boat insurance policies. They are designed to protect you from major claims and lawsuits and they are relatively inexpensive policies to purchase. A Friendship Insurance agent will be happy to talk with you to determine if this product would fit your insurance needs.

Source: Big "I" Markets


Friendship Insurance Agency is a wholly owned subsidiary of The Friendship State Bank. Insurance products and annuities are not deposits or other obligations of, or guaranteed by, The Friendship State Bank.Products offered through this Insurance Agency are not FDIC insured.Friendship Insurance Agency is a separate company licensed with the State Insurance Commissioner. Equal opportunity provider.