[The Wealthy] are more likely to be sued,
but excess personal liability insurance doesn't have to cost a fortune.
It?s safe to say that, if
there?s a risk out there, there?s also an insurance underwriter somewhere dying
to write a policy for it. However, if you are especially affluent or
risk-prone, excess personal liability insurance (?umbrella insurance coverage?)
can be a helpful safeguard.
Any trial attorney will confirm
one unshakeable truth - money attracts unwanted attention. Unfortunately, in
our litigious society, all it takes is one particularly obstinate person out to
?get the rich? to team up with a less-than-scrupulous attorney and make it
their mission to ruin your life with a frivolous lawsuit. This was the subject
of a recent article in Financial Planning
titled ?Covering Up.?
Not only will you pay for your
defense, but juries can also be unfair. In an era of class envy, you may get a
jury that wants to help one of its own a ?lawsuit lottery? at your expense. To
help mitigate the risk of a lawsuit judgment, consider taking out umbrella
insurance coverage just in case.
Planning (April 1, 2012) ?Covering Up?