Ironshore Personal Lines is now offering a new umbrella program for high net worth homeowner insureds, with properties valued in excess of $1 million, as complementary liability coverage for losses due to unforeseen legal actions.
Ironshore Personal Lines’ umbrella program provides liability coverage limits of up to $5 million as part of its High Value Homeowner property plan in select states nationwide.
“Recently, lawsuit settlements and jury verdicts have been unpredictably high, exposing high net worth families to significant personal loss,” said Daniel Olmsted, senior vice president, Personal Lines. “Ironshore’s umbrella policy is designed to fill liability coverage gaps that often exist within high value property programs.”
The policy coverage addresses liability damages awarded against high net worth families for various legal actions, such as automobile accidents, dog bites, libel, slander and bullying, among others. Legal expenses also are covered without reducing the excess umbrella coverage limit. Coverage can include court costs and fees associated with legal defense of the insured’s case. Optional protection is available for first party loss faced by the homeowner when the responsible party does not have adequate insurance coverage for associated costs.
Olmsted added that, “most high net worth households do not have sufficient protection against financial exposure suffered as a result of a severe loss event scenario triggered by an unexpected lawsuit.”
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s.
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