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Catastrophic Liability Insurance
Catastrophic Liability Insurance, often referred to as Umbrella Liability Insurance, is there to protect a business when there has been a shockingly large loss that will exhaust the limits of their primary liability insurance. These policies typically add $1 million, or higher, extra coverage to a business’ General Liability policies.
Quote Liability is here for Your Catastrophic Liability Insurance Needs!
With recent economic and litigation trends, and the current state of the insurance market, larger Catastrophic Liability Insurance coverage limits are increasingly required for many companies. While it has been shown that certain types of lawsuits (class action, securities, or general liability) are being brought to court on a less frequent basis, the severity of the verdicts, or judgments, in these cases are rising to catastrophic levels. Reviewing the top published verdicts or settlements over the last several years, there is an unprecedented increase in the amounts awarded, at a rate that is increasingly rocketing ahead to out-pace the rate of inflation. This trend does not include those settlements and associated pay-outs that are kept confidential, which leaves the potential to make this rate of dramatically large judgments even higher.
Judges, arbitrators, mediators, and juries are increasingly willing to award higher and higher amounts for the punitive damages in cases. The impact of this rocketing trend is often quickly translated to the affected company’s value, dropping their equity value on average by at least 3.5 percent.