Imagine a severe snowstorm hitting New York City and you don’t have time to clear the snow from the stairs and driveway in front of your house. A friend, a professional pianist, comes to visit you and falls on his icy balcony because he didn’t clean the steps. He breaks his arm, misses the entire symphony season, and sues you for loss of income and medical and rehabilitation expenses.
Did you know that “giving” alcohol to a minor (intentionally or unintentionally) can be punishable by a fine of up to $5,000? If you allow a minor to stay in your home with alcohol and do not restrict access, if you place alcoholic beverages near a minor with the intent to induce drinking, and if you purchase alcohol and put it in the minor’s car, all of these are considered “supplying” alcohol to a minor. In addition to the fine, you may also have to pay attorney fees.
This is the case if you are throwing a party for your teenage son and some of your guests bring alcohol. After leaving the party, one of the guests is involved in a car accident and suffers serious alcohol-related injuries. The court finds that they should have been prevented from drinking at the site, even if no alcohol was served, and that they are liable for the damages they caused.
Scary. Both of these events are very real and can affect anyone. If you’ve ever been afraid of being sued, it’s time to think about roofing insurance. In New York City, a very litigious society, a major lawsuit can ruin your savings and future income. Even if you don’t have money now, you could have debts to pay off for years.
What is personal umbrella insurance?
Umbrella insurance is additional liability insurance that goes beyond the policyholder’s home, auto, and boat insurance. Umbrella insurance provides additional protection if you are at risk of being sued for damaging someone else’s property or accidentally injuring another person. It is not mandatory insurance but is generally purchased by people who own property or have significant savings/assets. Umbrella insurance does not cover your own injuries, personal property, intentional or criminal acts, or business losses.
Five reasons to buy personal umbrella insurance
1. You own something that could result in personal injury.
This includes outdoor pools, trampolines, and fish ponds. Imagine that your daughter’s friend comes to your house after school. She and her friend decide, without asking you, to play on the trampoline in your yard. Your daughter’s friend falls off the trampoline and breaks her leg. Her parents sue you for reimbursement of their daughter’s long-term medical expenses.
2. You participate in sports that involve a risk of injury to others.
These include sports like hunting, skiing, and ice hockey.
3. Pet Ownership
The joy of having a furry best friend is great, but owning a pet also comes with responsibilities. Private liability insurance may cover their injuries if you are at fault, for example, if your dog bites someone.
4. Auto insurance doesn’t cover everything.
If you are at fault in a car accident and the injured person’s medical bills amount to 500,000 yen. But your car insurance limits the compensation for bodily injury to 300,000 USD. Where will the remaining 200,000 USD come from? From your comprehensive insurance policy.
5. You are acting in a way that increases your chances of being sued.
This includes owners, non-profit leaders, volunteers, and coaches of children’s sports teams.
About Author
To find the best insurance coverage, the advice of an experienced brooklyn insurance brokers is necessary. Lily Poole is a Personal and Home Insurance officer by profession. She is pretty well experienced in the insurance and accounting field and has an impressive profile in the training and development industry.
