Guarding Against Significant Loss

Guarding Against Significant Loss

umbrella liability coverage and coverage for the home structure traded places as the top contender. Other types of liability coverage — such as uninsured/underinsured liability, worker’s compensation, and employment practices liability — also figured prominently when lumped together.

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To help families and their advisors understand the dynamics and dangers of the most common areas of underinsurance, this white paper offers the following explanations:

"In my experience, the lack of adequate liability coverage is a very serious subject. Property losses are finite. Tort losses can be limitless and a drain on not only finances but the well being of a client." – Carol Lipnik, Vice President, DeWitt Stern Group

“In my experience, the lack of adequate liability coverage is a very serious subject. Property losses are finite. Tort losses can be limitless and a drain on not only finances but the well being of a client.”
– Carol Lipnik, Vice President, DeWitt Stern Group

Umbrella Liability

92 Percent Said Likely Underinsured

In today’s economic and social climate, wealthy families increasingly fear that they will become the target of a high stakes personal liability lawsuit. According to an ACE survey about liability risk among households with $5 million or more in investable assets, 38 percent felt they were more likely to be sued in the aftermath of the economic and financial crisis, while only 7 percent felt they were less likely to be sued.3 Furthermore, 82 percent of the respondents believed their wealth alone made them an attractive target for a liability lawsuit.

Their fears are well founded. In many states, someone who is 1 percent responsible for an accident can be held liable for 100 percent of the damages to the injured parties under the laws of joint and several liability. Consequently, plaintiff lawyers often look to sue the party most able to pay instead of the party most at fault.

Moreover, jury awards and settlements can greatly exceed what wealthy families imagine as the worst case scenario. In the ACE liability risk survey, half thought that the highest amount of damages they could be held liable for in an accident involving serious injury was less than $5 million. The truth: jury awards and settlements can reach into the tens of millions of dollars. In 2008, $29 million was awarded to the family of a four-year-old boy who suffered a debilitating spinal cord injury while riding as a passenger in a vehicle involved in a head-on collision. In 2012, a wealthy Floridian was convicted of manslaughter due to an auto accident and settled a related civil case for $46 million.

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Atlanta Luxury Homes for Sale

$289,000
Condo For Sale
Pending
2
BED
1
TOTAL BATHS
900
SQFT
Lindsy #12
960 Taft Avenue NE
Atlanta, GA 30309
New Listing - a week online
$308,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
770
SQFT
Wilburn House #107
266 11th Street NE
Atlanta, GA 30309
$1,125,000
Multi-Family For Sale
Pending
0.075
ACRES
FULTON
COUNTY
968 Argonne Avenue NE
Atlanta, GA 30309
Midtown Subdivision
New Listing - a week online
$350,000
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,182
SQFT
Park Gate #101
1078 Piedmont Avenue NE
Atlanta, GA 30309
$262,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
895
SQFT
Piedmont Park West Lofts #104
1029 Piedmont Avenue NE
Atlanta, GA 30309
Price Change - 4 weeks ago
$425,000
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,237
SQFT
Piedmont Park West Lofts Condo #201
1029 Piedmont Avenue NE
Atlanta, GA 30309
$419,900
Condo For Sale
Pending
2
BED
3
TOTAL BATHS
1,242
SQFT
Ansley Above The Park #1004
1130 Piedmont Avenue
Atlanta, GA 30309
Price Change - 2 weeks ago
$549,500
Condo For Sale
Active
2
BED
3
TOTAL BATHS
1,536
SQFT
Ansley Above The Park #413
1130 Piedmont Avenue NE
Atlanta, GA 30309
$639,900
Condo For Sale
Pending
2
BED
3
TOTAL BATHS
1,732
SQFT
Luxe #1402
222 12th Street NE
Atlanta, GA 30309
New Listing - 3 weeks online
$795,000
Condo For Sale
Active
2
BED
3
TOTAL BATHS
1,732
SQFT
Luxe #1502
222 12th Street
Atlanta, GA 30309
Price Change - 2 weeks ago
$530,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,329
SQFT
Luxe #1508
222 12th Street NE
Atlanta, GA 30309
New Listing - a week online
$572,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,515
SQFT
Lofts At The Park Ii #303
1058 Piedmont Avenue NE
Atlanta, GA 30309
Price Change - 2 weeks ago
$424,900
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,424
SQFT
Lofts At The Park Ii #201
1058 Piedmont Avenue NE
Atlanta, GA 30309
New Listing - yesterday
$499,000
Condo For Sale
Active
1
BED
2
TOTAL BATHS
1,424
SQFT
Lofts At The Park Ii #301
1058 Piedmont Avenue NE
Atlanta, GA 30309
Price Change - 6 days ago
$249,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
780
SQFT
Parc Vue #505
275 13th Street NE
Atlanta, GA 30309
$249,887
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
765
SQFT
Parc Vue #603
275 13th Street NE
Atlanta, GA 30309
Open House 08/18 at 2PM
$269,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
860
SQFT
Parc Vue #809
275 13th Street NE
Atlanta, GA 30309
New Listing - 2 days online
$259,900
Condo For Sale
Active
1
BED
1
TOTAL BATHS
765
SQFT
Parc Vue #404
275 13th Street NE
Atlanta, GA 30309
New Listing - 22 hours online
$279,900
Condo For Sale
Active
1
BED
1
TOTAL BATHS
765
SQFT
Parc Vue #103
275 13th Street
Atlanta, GA 30309
$262,500
Condo For Sale
Active
1
BED
1
TOTAL BATHS
850
SQFT
Parc Vue #307
275 13th Street NE
Atlanta, GA 30309
New Listing - 3 weeks online
$399,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,350
SQFT
Parc Vue #211
275 13th Street NE
Atlanta, GA 30309
New Listing - 4 weeks online
$238,000
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
765
SQFT
Parc Vue #304
275 13th Street NE
Atlanta, GA 30309
$289,900
Condo For Sale
Pending
2
BED
1
TOTAL BATHS
960
SQFT
Parc Vue #402
275 13th Street NE
Atlanta, GA 30309
$590,900
Townhouse For Sale
Active
2
BED
2
TOTAL BATHS
1,653
SQFT
199 12th Street #7
199 12th Street NE
Atlanta, GA 30309
New Listing - yesterday
$599,000
Townhouse For Sale
Active
2
BED
2
TOTAL BATHS
1,824
SQFT
199 12th Street #6
199 12th Street NE
Atlanta, GA 30309
$775,000
Single Family Home For Sale
Pending
2
BED
3
TOTAL BATHS
2,301
SQFT
972 Myrtle Street
Atlanta, GA 30309
Midtown Subdivision
$275,000
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
792
SQFT
Park View #8
272 14th Street NE
Atlanta, GA 30309
$375,000
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
940
SQFT
Lofts At The Park #701
206 11th Street NE
Atlanta, GA 30309
$349,900
Condo For Sale
Active
1
BED
1
TOTAL BATHS
1,038
SQFT
Lofts At The Park #204
206 11th Street NE
Atlanta, GA 30309
$425,000
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
1,005
SQFT
Luxe #2105
222 12th Street NE
Atlanta, GA 30309
$1,499,000
Condo For Sale
Active
2
BED
3
TOTAL BATHS
1,820
SQFT
Luxe #1806
222 12th Street NE
Atlanta, GA 30309
$1,075,000
Condo For Sale
Active
2
BED
3
TOTAL BATHS
1,820
SQFT
Luxe #906
222 12th Street NE
Atlanta, GA 30309
$637,500
Condo For Sale
Pending
2
BED
3
TOTAL BATHS
1,727
SQFT
Luxe #707
222 12th Street NE
Atlanta, GA 30309
Price Change - 4 weeks ago
$649,000
Condo For Sale
Active
2
BED
3
TOTAL BATHS
1,732
SQFT
Luxe Condo #1103
222 12th Street NE
Atlanta, GA 30309
Price Change - 6 days ago
$189,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
620
SQFT
Midtown On 8th #3
317 8th Street NE
Atlanta, GA 30309
New Listing - a week online
$185,900
Condo For Sale
Active
1
BED
1
TOTAL BATHS
640
SQFT
Midtown On 8th #6
317 8th Street NE
Atlanta, GA 30309
$346,000
Condo For Sale
Pending
2
BED
1
TOTAL BATHS
1,082
SQFT
Parkview #23
272 14th Street NE
Atlanta, GA 30309
$1,749,900
Townhouse For Sale
Active
3
BED
4
TOTAL BATHS
2,650
SQFT
1204 On The Park #2
1204 Piedmont Avenue NE
Atlanta, GA 30309
$1,799,900
Townhouse For Sale
Active
3
BED
4
TOTAL BATHS
2,650
SQFT
1204 On The Park #3
1204 Piedmont Avenue NE
Atlanta, GA 30309
Price Change - yesterday
$247,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
693
SQFT
Mayfair Renaissance #1404
195 14th Street NE
Atlanta, GA 30309
New Listing - 2 weeks online
$325,000
Condo For Sale
Pending
1
BED
2
TOTAL BATHS
1,055
SQFT
Mayfair Renaissance #811
195 14th Street NE
Atlanta, GA 30309
$249,900
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
750
SQFT
Mayfair Tower #809
199 14th Street NE
Atlanta, GA 30309
New Listing - 3 weeks online
$250,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
750
SQFT
Mayfair Tower #2509
199 14th Street NE
Atlanta, GA 30309
New Listing - 2 weeks online
$375,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,007
SQFT
Mayfair Tower #1508
199 14th Street NE
Atlanta, GA 30309
Price Change - 3 weeks ago
$230,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
750
SQFT
Mayfair Tower #906
199 14th Street NE
Atlanta, GA 30309
$299,000
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,103
SQFT
Mayfair Tower #305
199 NE 14th Street NE
Atlanta, GA 30309
New Listing - 3 days online
$369,900
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,161
SQFT
Park Central #604
1101 Juniper Street NE
Atlanta, GA 30309
New Listing - 2 weeks online
$379,900
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,158
SQFT
Park Central #921
1101 Juniper Street NE
Atlanta, GA 30309
New Listing - a week online
$319,900
Condo For Sale
Pending
2
BED
1
TOTAL BATHS
1,008
SQFT
Park Central #72
1101 Juniper Street NE
Atlanta, GA 30309
New Listing - 3 days online
$300,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
1,072
SQFT
Park Central #727
1101 Juniper Street NE
Atlanta, GA 30309
Price Change - 5 days ago
$234,900
Condo For Sale
Active
1
BED
1
TOTAL BATHS
723
SQFT
Park Central #708
1101 Juniper Street NE
Atlanta, GA 30309
$239,900
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
764
SQFT
Park Central #1512
1101 Juniper Street NE
Atlanta, GA 30309
New Listing - 2 weeks online
$385,000
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,161
SQFT
Park Central #54
1101 Juniper Street NE
Atlanta, GA 30309
$379,900
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,169
SQFT
Park Central #319
1101 Juniper Street NE
Atlanta, GA 30309
Price Change - 2 weeks ago
$799,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,287
SQFT
877 Penn Avenue NE
Atlanta, GA 30309
MIDTOWN Subdivision
$509,831
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,502
SQFT
1023 Juniper Lofts #305
1023 Juniper Street NE
Atlanta, GA 30309
New Listing - 2 weeks online
$330,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
930
SQFT
1023 Juniper Lofts #105
1023 Juniper Street NE
Atlanta, GA 30309
Price Change - a week ago
$295,000
Condo For Sale
Active
1
BED
1
TOTAL BATHS
1,024
SQFT
Juniper Lofts #104
1023 Juniper Street NE
Atlanta, GA 30309
$224,900
Condo For Sale
Pending
1
BED
1
TOTAL BATHS
877
SQFT
Ansley Arms #307
1230 Piedmont Avenue NE
Atlanta, GA 30309
$299,000
Condo For Sale
Active
2
BED
1
TOTAL BATHS
858
SQFT
Piedmont Crescent #15
907 Piedmont Avenue NE
Atlanta, GA 30309