In today’s “sue crazy” society, it’s a realistic concern to consider the potential financial ruin that could result from unexpected litigation. Undoubtedly, wealthy households have a lot at stake if someone brings a sudden lawsuit against them. One of the fine carriers we represent, CHUBB Insurance published a recent article detailing the incidents that cause the most concern to affluent households.
Percentage of Wealthy Households Having a High Level of Concern* About Being Sued Due to the Following Incidents
- An auto accident 47%
- A worker or household employee is injured while on your property 31%
- A visitor is injured while on your property 29%
- Being accused of misdeeds of being held liable for incidents in connection with volunteer work 22%
- Being sued as a result of a side-business you conduct on your property 19%
- Being accused of libel, slander, or invasion of privacy 18%
- Your pet causes someone injury or does serious property damage 18%
- Being accused of sexual harassment, discrimination, abuse, or wrongful termination by a nanny or other household employee 17%
- A dispute with a neighbor 15%
- An altercation involving you or a family member 14%
- Other 20%
*Based on a rating of eight or higher on a ten-point scale, with ten being the highest level of concern.
Source: ACE Personal Liability Survey of Wealthy Households
McSweeney & Ricci recommends obtaining an umbrella policy with limits high enough to cover your net worth plus any future earnings in the event of a lawsuit. McSweeney & Ricci’s Private Client Group helps mitigate risk and can recommend the proper level of coverage to protect you in the event of an unexpected lawsuit. Contact Personal Risk Manager, Patrick Leary in our Private Client Group today by calling 781-952-4137 or via email.