Medical professionals have substantial personal liability exposure. They typically own more expensive homes, cars and recreational watercraft than most individuals; may sit on non-profit boards; often employ domestic staff and have a more upscale lifestyle. A single personal liability lawsuit, regardless of the outcome, can cost large sums in legal fees and settlement costs. Many physicians will purchase a personal umbrella for such situations, but when there is not enough insurance in place, personal assets become exposed.
Group Personal Excess Liability insurance enables a medical group to offer higher limits of personal excess liability coverage at reduced rates to its most valued doctors and employees. Similar to individually purchased excess liability coverage, the group policy responds after primary coverage limits are exceeded. Each participant can select the limit that suits his/her needs, up to $50 million.
Group vs. Individual Excess Coverage: Key Differences
• No individual underwriting, just a short application for the entire group.
• All members of the defined group are automatically eligible, and everyone pays the same price.
• Price is discounted as much as 40-50% compared to individual policies.
• No need to call if homes or cars are added … you’re automatically covered.
For more information about Personal Umbrella policies or Group Personal Excess Liability, please contact a Horton Group professional.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.