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The responsibility of the winner of the lottery – the best defense against minor lawsuits is an umbrella insurance policy

2019-04-30 Insurance No comment

Imagine this scene – you won the lottery and you started to buy what you dreamed of. You bought a beautiful big house, a new luxury car, a shiny yacht. You might say to yourself, "Forget insurance – if anything happens to my property, I have enough money to replace it." This may be true, but you may not have considered responsibility, especially because you are rich and It has just become the target of litigation, especially boring litigation. A good insurance policy for insurance will cover this.

With this in mind, someone slipped on the snow in front of the new house. Or someone fell from your boat. Or you can ride a bicycle while driving. Or know that the person you just won the lottery has launched a frivolous lawsuit. First, you need to develop a car, housing and marine insurance policy to take responsibility for these types of situations. However, these types of policies usually only provide you with up to one million dollars. However, since you have just won the lottery, people will know that you have enough wealth to pay more than one million dollars in litigation. This means that you may have to bear more than $1 million in liability for your successful lawsuit. A good umbrella insurance policy will cover such risks.

The insurance policy is designed to provide you with greater liability than the usual family, car and marine insurance policies. The usual coverage is $1 million to $5 million higher than your usual liability insurance, but for an insurance company specializing in high net worth, you can even get up to $10 million or more. As a lottery winner, this may be your best protection for your assets.

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