Life Insurance & Financial Services
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Safety & Protection Tips!
Protecting all you've worked for
Protecting all you've worked for
- A jury awards $900,000 to the estate of a 43-year-old executive whose death resulted from an automobile accident. The award was based in part on the future earning potential of the executive.
- A friend who is helping paint a house injures his heel in a fall. A lawsuit follows, costing the homeowner $1.2 million.
- At an end-of-school swim party, a 16-year-old dives and hits his head on the bottom of a pool. He becomes a quadriplegic. The case results in a $1.5 million settlement against the homeowner.
Added Protection
Some Policyholders may think that automobile or homeowners policies already give them all the protection they need. But they could be wrong. On most of those policies, personal liability coverage tops out at $500,000 for injuries caused by them or any member of their household. That’s not very much in an age when personal injury lawyers look for deep pockets and juries have been known to strip plaintiffs of their assets and even garnish some future earnings.
A personal catastrophe liability policy (PCL) provides additional coverage against the growing wave of high jury awards in personal liability cases. It doesn’t replace your present automobile and other personal liability policies, but it does add an additional layer of protection, usually
$1 million, to your underlying limits.
Who, Me?
Who needs a PCL policy? The vast majority of claims under personal liability policies spring from auto-related incidents. To put it simply, if you drive a car, you’re at risk. Some other activities that you might consider "safe" might also be a risk and a reason to consider a PCL policy. If you’re active in sports, such as golf, biking, skiing or mountain climbing, or if you own a boat, you have a greater chance of facing one of those million dollar lawsuits.
How much will it cost?
Because it’s a supplement to your current auto and homeowner policies, a PCL policy gives a lot of protection for a small premium. A PCL policy provides individuals with broad protection and high limits of liability during travel, sports, social activities and other personal pursuits for only around $150-$200 a year.
Protect yourself and your family. Call your ERIE Agent to learn more about ERIE’s personal catastrophe liability policy, MASTERCOVER.
info@qualityinsurance.com
