Monday, September 22, 2008

Don't think you need Umbrella Coverage?

Many customers think they shouldn't "waste" money on higher limits or umbrella coverage. if you are one of them consider the following:

  • 40% of companies in the annual Fulbright & Jaworski report said they had at least one lawsuit filed against them for $20 Million or more in damages.
  • Having company cars is one of the most dangerous areas of exposure. 13% of the top 100 lawsuit awards last year were attributable to automobile cases. In 2006, the largest automobile award was $30.6 Million with multiple injury cases routinely settling for between $3 to $5 Million.
  • Median awards in cases resulting in paralysis are more than $7 Million.

How many doughnuts does your company have to sell to have an extra $5 Million after-tax to satisfy a judgment?