Ironshore Personal Lines is expanding its umbrella offerings with a new insurance program for high value homeowners with properties in excess of $1 million, the insurer announced last week.
Meant as complementary liability coverage for losses due to legal action, the umbrella program provides limits of up to $5 million and is available as part of Ironshore’s High Value Homeowners property plan in several states.
The policy addresses specific risks connected to high net worth families that have been on the rise in recent years: automobile accidents, dog bites, libel, slander and bullying, among others. Legal expenses are covered without reducing the excess umbrella coverage limit, and coverage may include court costs and other fees attached to legal defense of the insured.
Coverage is also available for first party loss faced by the homeowner when the responsible party does not have adequate insurance coverage of his or her own.
Daniel Olmstead, senior vice president of Ironshore Personal Lines, said the new product fills a significant gap in the market.
“Recently, lawsuit settlements and jury verdicts have been unpredictably high, exposing high net worth families to significant personal loss,” Olmstead said in a statement. “Ironshore’s umbrella policy is designed to fill liability coverage gaps that often exist within high value property programs.”
He added that such coverage is critical, as “most high net worth households do not have sufficient protection against financial exposure suffered as a result of a severe loss event scenario triggered by an unexpected lawsuit.”
