Umbrella Coverage to Consider for Your High-Net-Worth Lifestyle

Having Directors and Officers coverage in place on your homeowners policy is a great first step, but you are still exposed if you don't have an adequate umbrella policy in place. If you make a decision for the non-profit that results in damage to someone else, they may be able to go after your personal worth.

Additional coverage with excess liability coverage can be helpful in an employment practices liability suit ... where defense costs can mount rapidly and the process can drag on for extended lengths of time. A successful family can become a target for lawsuits such as discrimination, wrongful termination of a domestic employee, sexual harassment, bullying, defamation, invasion of privacy or retaliation.

Similar to the coverage for uninsured motorists, third-party liability will provide coverage for you if you are injured on someone else's property without proper coverage in place. An example where this could come into play would be if you attend a party at someone else's home. Everyone is hanging out on the back deck when suddenly the deck collapses and all 25 people are hurt from the fall. A basic homeowner's policy could have those liability limits exhausted well before everyone's medical bills are paid.

This is an extra layer of liability coverage that could be helpful if something bad were to happen while you are traveling abroad.