Utah Insurance Company Encouraging Umbrella Policies | Politico.Biz

West Jordan, UT ? According to IFG Trust Services, 10 percent of Americans have a chance of being sued during any given year and during their lifetime it's up to 33%. That means Americans have a 1 in 3 chance of being sued during their lifetime. That's a scary thought, especially if one is not protected or insured.
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When most people hear about lawsuits on the news and in the media, one typically hears about the large corporations like McDonalds, Apple or Facebook.? Simply because they have assets.? Fortunately for them, they have insurance policies to protect against claims like this because they are targeted.? Yet the majority of Americans seem to overlook the fact that just because they are not as targeted as a big corporation, they can still be vulnerable against attacks.
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Consider this?
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• A 16 year old girl is in a car accident that is her fault.? Her parents are sued for 1 million dollars.? Their policy only covers $300,000.? Now what?
• A family has a trampoline in their backyard.? A neighbor falls off and is paralyzed?? The family gets sued.
• It's icy outside, sidewalks are frozen.? A random kid falls on the ice outside? He sues the homeowners.
• A big dog breaks his chain and bites a friends child.

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More and more we are hearing about these stories that seem very close to home. Reed Brasher of Brasher Insurance Group says, 'we are seeing more million dollar judgments against people than we've ever seen before.? It's just what people do these days.? Anymore, it's important to have an Umbrella policy that will give people that added protection.'?
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An Umbrella insurance policy is used to make up the difference in the event the policyholder reaches the liability coverage limits.? For example, if one has a $300,000 auto policy and is sued for 1 million, the umbrella insurance would make up the difference or $700,000.?
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As for premiums they run anywhere from $200 ? $600 per year for the first million according to The Hartford.? Not bad considering the benefits and peace of mind this type of policy provides.

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Tags: Banking, Finance

This entry was posted on Thursday, April 19th, 2012 at 6:31 am and is filed under Banking. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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