Don't have a few million laying around to protect against lawsuits? We do.
While many people think the liability coverage of their auto or home insurance policy is enough to protect them, it may not be. An injured party's medical expenses can be astronomical. Yet lost wages could go even higher.
Consider an accident in which an extremely well paid executive is no longer able to work. Chances are you'd be sued for millions to make up the lost income. Anything over the limit of your regular policy (usually $300,000) will come from your assets — and future earnings.
When you can protect yourself against large settlements and legal fees for a fraction of the cost of your other policies, you'll see that Umbrella Insurance could give you a much-needed safety net at a reasonable cost. After all, slip-and-fall accidents, social networking abuse, and car crashes happen every day. The next one could be serious.
It also potentially protects you and your family from the actions of your household family members. That means if your teenager's poor judgment when using social media results in a successful lawsuit, your coverage will help defend you and help meet any awards against you.
Yes — the following outlines cases we have actually paid.
- The most common cause of awards is related to car accidents where the amount was higher than the policyholder's underlying auto limits.
- Major payout: an insured drifted across the dividing line and into the path of a large truck. The truck moved to miss the insured and ended up causing a chain reaction that damaged five vehicles and a house. Four-five people were injured and required medical treatment. The settlement for one woman alone was over $1 million
- A policyholder was babysitting a neighbor/friend's child when the child put its hands on the glass doors to the fireplace and burned them.
- Teenager incidents — hazing, shooting a person in the eye with a BB gun, throwing an egg at a person and injuring his eye, other accidental teenage pranks
Electric Insurance Company benefits
- 12-month policies
- Many insurance companies now use six-month policies so they can raise rates more often, or look really inexpensive at first glance. But we're sticking with 12-month policies. Our way locks in your costs for a full year. Cuts the number of renewal policies and ID cards you receive in half. And is just a little bit kinder to the environment.
- Broad payment options
- News flash: different people like different things. So when it comes to how you pay your bill, we're flexible. Some GE employees get it deducted right from their paychecks. Others have monthly payments electronically debited from a checking account. And some opt for the good-ol' bill-by-mail options: monthly, quarterly, semi-annually and more. Pick the method that works for you & it'll work for us, too.
- Note: Payroll deductions are only offered to eligible General Electric employees.
- Convenient hours
- In an effort to be helpful, our customer call center is staffed 8:00 a.m. to 7:00 p.m. ET (that's a long day). Of course, accidents can happen any time, so you can report claims by phone 24-hours-a-day.
- Online account management
- Our online account center puts you in control: add drivers to your policy. Replace vehicles. View and pay your bills. It's easy — and all at your fingertips. 24/7.
- Payroll deduction (for GE employees)
- Pay your Electric Insurance premiums by signing up for payroll deduction and not only will you never have to remember to write and mail a check, you'll also save money. A 2% discount applies, as does the waiver of the service fee for people who pay over time — that's another $55 in your pocket*.
- *Payroll deduction discounts are not available in CA or NY. Auto discounts are available in WA. $55 service fee savings are based on waiver of the standard $5 monthly service fee for 11 months.
Why do I need this?
Umbrella Insurance (also called Personal Excess Liability insurance) protects you against legal costs, awards and settlements up to the limit of your policy, usually $1,000,000 — $2,000,000. It only comes into play in situations where your liability is greater than the limit of your auto or home policy, which typically stops at $300,000.
* Product, service, and discount availability and limits vary by state. The information provided on this site is provided for informational purposes only and is not a full explanation of products, services or coverage. For more information, please contact Electric Insurance Company at 800.227.2757. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.