Protecting Prosperity: Why Do I Need Excess Liability Coverage?

Financial success brings peace of mind, but it also comes with an increased responsibility to safeguard your wealth. While basic insurance policies can provide essential coverage, they often fall short when it comes to protecting a substantial portfolio of assets. This is where excess liability coverage can add a critical layer of protection and act as a financial safety net.

  1. Wealth preservation. You’ve spent a lifetime acquiring everything from luxury homes and autos to valuable collections or recreational watercraft. Excess liability coverage extends the limits of your existing policies to fill any gaps. In the event of a lawsuit or a catastrophic incident, this additional coverage can prevent substantial losses.

  2. Legal defense costs. Excess liability coverage covers legal defense costs, too. Lawsuits can be financially draining, even if you are not found liable in the end. As a high-profile target, this coverage ensures you have access to the best legal representation without depleting your assets.

  3. Personalized protection. Excess coverage can be tailored to your specific needs and lifestyle. It can cover everything from libel and slander claims to liability arising from volunteer activities, giving you end-to-end protection.

  4. Peace of mind. You’ve worked hard to achieve your success, and excess policies can help maintain your lifestyle and financial well-being in the face of unforeseen events. It allows you to focus on your personal pursuits, knowing both your assets and generational wealth goals are secure.

The bottom line is that excess liability coverage is not just an option; it's a necessity for successful individuals. In fact, it can work together with an umbrella policy to help ensure you have access to higher limits and a broader range of terms covering catastrophic losses.

When you've worked tirelessly to reach your level of affluence, it's vital to protect it with a strategic risk management program and comprehensive coverage. With Lockton, you can expect a team of professionals who are deeply committed to understanding your unique needs and legacy requirements. We are here for you every step of the way, from risk mitigation through assertive claims advocacy.