Personal Excess Liability

Life's unexpected twists can create a very bumpy ride.

Make sure an unexpected claim against you doesn’t wipe out all you’ve worked for.

You can be the target of a lawsuit for a whole array of reasons. At Electric Insurance, we've pretty much seen them all. Usually because forward-thinking employees purchase a Personal Excess Liability (PEL) policy. So when they're the target of a lawsuit – and quite a few are every year – they have a place to turn.

Get your PEL rate estimate here

Why do I need this?

PEL insurance covers expenses related to liability claims and lawsuits. It would apply over and above your auto and home insurance when you, or your household family members, are sued as a result of claims made for your actions that resulted in:

  • Property damage to others’ belongings;
  • Bodily injury to other people; and
  • Personal injury to other people.

What it covers

A PEL policy pays, up to the policy limit, for:

  • The judgment or settlement amount;
  • The legal fees you incur during your defense that are not included in your primary coverage;
  • Associated court costs; and
  • Any interest that accrues on the judgment prior to final settlement.

PEL coverage steps in to make up the difference if the judgment or settlement amount against the employee exceeds the limit of the underlying auto or home liability coverage.* So the employee whose auto insurance liability only covers $250,000 of an $800,000 judgment and associated fees won't find his bank accounts, investments, assets, or future earnings stripped to meet it.

Employees who take advantage of the PEL benefit do so for a price less than the cost of excess liability programs outside of the benefits program. That's an excellent value for a benefit that covers millions of dollars in judgments against employees every year.

*To the extent of the policy limits.

Two options. Five coverage limits.

Option 1: PEL Primary
  • Coverage limit: $1,000,000
  • Auto liability coverage requirement: $100,000/$300,000
  • Approximate annual premium: $1361
  • Required auto insurer: Electric Insurance Company

Get your PEL Rate Estimate here

 

Option 2: PEL Plus
  • Coverage limit: from $1,000,000 to $5,000,000
  • Auto liability coverage requirement: $250,000/$500,000
  • Approximate annual premium: $134-$3422
  • Required auto insurer: Electric Insurance Company or your current insurer

Get your PEL rate estimate here

 

Much more accessible

Separate policy available with PEL Plus. Unlike liability coverage available outside the benefit program, a PEL Plus policy may be purchased as a stand-alone policy or in combination with an employee-discounted home and/or auto policy from Electric Insurance.

Lower limit requirements with PEL Primary. PEL Primary only requires you to have minimum auto liability limits of $100,000/$300,000, so most people can meet the requirements without incurring the expense of increasing their auto coverage.

Savings

PEL policies are priced significantly lower than comparable umbrella liability policies available outside the PEL program.

 

Convenience

Easy, no-cost payroll deduction or automated EFT or direct bill payments available. Online and telephone payments available in most states.

Why do I need this?

PEL insurance covers expenses related to liability claims and lawsuits. It would apply over and above your auto and home insurance when you, or your household family members, are sued as a result of claims made for your actions that resulted in:

  • Property damage to other's belongings;
  • Bodily injury to other people; and
  • Personal injury to other people.

What it covers

A PEL policy pays, up to the policy limit, for:

  • The judgment or settlement amount up to the policy limit;
  • The legal fees you incur during your defense that are not included in your primary coverage;
  • Associated court costs; and
  • Any interest that accrues on the judgment prior to final settlement.

 

1 Based on countrywide rates for a single person who owns a single automobile and a home. State variations may apply.

2 Based on countrywide rates for a married couple who owns a home, two automobiles without youthful operators on the policy, and auto and home insurance liability limits of $250,000/$500,000. State variations may apply.

 

* 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.

 

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