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Bryant Asset Protection
PO Box 219
1280 New Scotland Road
Slingerlands NY 12159
Ph: (518) 439-1141
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Beach-goers wear sunscreen, football players wear helmets and the postman carries a can of pepper spray. The common thread here is that all of these folks are protecting themselves against something that could hurt them. Yet, many of us go less protected than we should every single day. Against what, you say?
Virtually everyone who owns a home or auto or rents an apartment or condo carries insurance that protects us if we are sued. This form of protection is called “personal liability” and protects your assets up to the dollar limit of your policy if you are declared financially liable for injury to another person by a civil court. But is the limit of your policy enough? Unfortunately, it too often is not.
While the $300,000 or $500,000 or more personal liability limit you carry on your home or auto policy sounds like a lot of protection, a rapidly increasing trend toward large court awards for plaintiffs in accident and negligence cases could leave you bankrupt for life.
A guest in your home takes a morning shower and slips on your tiled bathroom floor injuring her back. While not a friendly thing to do, she sues you for medical costs and damages because your bath is not equipped with nonslip mats and grab-rails. A civil court awards her $1.1 million as a result. Your homeowner policy provides you with $300,000 for personal liability coverage. Where does the other $800,000 come from?
If you have a Personal Umbrella policy, you are covered for the damages and even your legal defense fees. If you don’t have an Umbrella policy, you may have to sell your home and even commit future earnings to pay this obligation.
The list of mishaps for which we can be sued is endless - as is growing list of large and even outrageous court judgments. In this atmosphere, the minimal cost of an umbrella policy provides an unmatched measure of security to your assets. Most insurers do require a reasonable minimum amount of coverage on your primary policies, but a $1.0 million Umbrella policy costs less annually than dinner for four at a good restaurant.
So, put on the sunscreen and even wear a helmet if you want to, but don’t forget your Umbrella. It could cost you dearly.
To find out how you can protect your family with a Personal Umbrella, click here.
Posted at 09:40 am on August 17, 2009
Anyone who has ever been close to the planning of a wedding knows that it means two things - a lot of work and a lot of money. Most times, the work gets done (rarely without some tears), the bills get paid and the result is a beautiful bride, a proud groom, relieved parents and a new family begun. However, like any endeavors involving lots of possibilities, a wedding ceremony, reception and a honeymoon trip can run into unforeseen problems that make the experience less than the wonderful event we dreamed.
Lost rings, a damaged bride’s dress, travel problems or even problems caused by one too many mojitos at the reception can permanently mar the great memories we had anticipated and cost the fledgling family money that could be used for other necessities. If you think it doesn’t - or won’t - happen, read on a bit. Two close friends had some difficulties that could have been prevented if they had investigated low cost wedding insurance for that special day.
C. is the daughter of close friends who is engaged to R. They are in the process of planning a very nice wedding later this year. R. is a sharp businessman who secured a stay at a very prominent Caribbean resort and paid a deposit. Several weeks later, he was informed by the resort that they were bankrupt and closing immediately. R. and C.‘s deposits of several hundred dollars were lost and they had to start all over, including changing destinations, dates and airline tickets.
B. is the daughter of another set of close friends who was recently married to G. The wedding itself went off without a hitch and the happy couple jetted away for a flawless honeymoon. Upon arriving home, the couple found out that the photographer they hired (at considerable expense) had used a defective camera and most of their treasured wedding photos were not recoverable. Luckily, amateur photographers and wedding guests had taken lots of serviceable pictures and a usable wedding album was put together for them. The photographer apologized, but was not willing to help in any way without additional payment.
If this happens as frequently as it seems, insuring your wedding for as little as $160 could make a huge difference in how these stories ended. Both situations could have been remedied had the couple or their parents taken insurance on major aspects of these weddings.
Many weddings cost more than a new car and we always insure our cars against mishaps or the unexpected. If you’re planning a wedding or know someone who is engaged and will be planning a wedding, please give them their first gift and link them to our website for information on how their special day (and their special money) can be protected with wedding insurance.
Posted at 03:39 pm on August 5, 2009
