Novato, Calif.-based Fireman’s Fund Insurance Co. announced it will offer new uninsured/underinsured liability protection as an endorsement to its Prestige Excess policy – personal liability coverage that protects the customer from damages they incur due to the wrongful acts of others when the liable person is uninsured or underinsured.
The new coverage is designed to cover bodily injury, property damage and personal injury resulting from occurrences not involving an auto in which a liable third party is at fault, but is uninsured or underinsured. For example, this would cover a policyholder if a dog attacks his child and the dog owner is not insured or is underinsured, or if a policyholder is injured at a party on a deck that collapses and the homeowner is not insured or is underinsured.
The protection is an enhancement to Fireman’s Fund’s uninsured/underinsured motorist coverage. It now protects individuals from uninsured/underinsured losses on a much broader basis than what other carriers offer. Coverage up to $10 million can be added and is excess over any other collectible insurance. There is no required underlying insurance.
A survey, “What Worries High Net Worth Americans,” conducted by Fireman’s Fund, suggests that affluent Americans are more concerned with the financial risks related to uninsured/underinsured individuals than they are about theft, personal assault or slander. This fear is not without basis — according to a study by the Insurance Research Council, when a car accident involving injuries happens in the US, chances are about one in seven that the at-fault driver is uninsured.
The risk of auto and non-auto related losses involving uninsured/underinsured individuals may also be affected by common consumer purchasing behavior. “Individuals may be more focused on insuring the value of their possessions rather than ensuring they have enough coverage to protect others if they are liable for damages,” said Bob Courtemanche, president, Fireman’s Fund Personal Insurance. “This situation could increase the probability of an individual being the victim of a liable individual who is uninsured/underinsured.”
The new protection is offered in Arizona, Colorado, Delaware, Idaho, Indiana, Illinois, Kansas, Kentucky, Maine, Michigan, Minnesota, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. and is expected to be approved and available in most states by the end of 2008.
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