A closer look Personal Umbrella Liability Policy: A Must-Have Insurance

In Brief

• While serious accidents are rare, they do happen. If they happen to you, and you’re found responsible, the consequences can be catastrophic to your wealth and lifestyle if you don’t have sufficient insurance coverage.
• Unfortunately, many people don’t have the umbrella, or excess, liability insurance that could protect them in the event of a legal judgment against them. And when they do have it, the coverage amounts are often inadequate — particularly for those with substantial wealth.
• Thankfully, the remedy is straightforward. Obtaining adequate liability coverage to protect your assets is relatively easy and surprisingly inexpensive.
• Bessemer Trust’s Insurance Advisory Group is available to evaluate clients’ personal liability exposure and recommend tailored insurance policies designed to optimize asset protection, among other capabilities.