Mercury Insurance Launches Innovative Umbrella Policy Amid Rising Bodily Injury Claims in Florida
In a significant development within the insurance industry, Mercury Insurance has announced the introduction of a new umbrella insurance policy, designed specifically for Floridians concerned about rising bodily injury claims. With incidents such as multi-vehicle accidents and dog bites becoming common occurrences, the financial implications have grown increasingly alarming for homeowners and vehicle owners in Florida. A report from Mercury Insurance reveals that since the onset of the pandemic, the average amount paid for liability claims has surged by 35%, highlighting a troubling trend that necessitates enhanced coverage.
Ambitious changes are being made as Florida joins the ranks of states where Mercury has already rolled out this personal umbrella insurance product. Following successful launches in California, Texas, Oklahoma, Illinois, Arizona, and Georgia, this initiative underscores Mercury Insurance’s commitment to providing residents with adequate protection. The umbrella policy offers crucial additional coverage designed to go beyond what standard home or auto insurance policies cover, giving Floridians greater peace of mind.
Nick Colby, the Vice President and Chief Sales Officer at Mercury Insurance, emphasized the importance of this new offering: “Mercury Insurance offers Floridians additional protection from lawsuits. Without this supplemental coverage, your home and car could be at risk.” The statement indicates an alarming reality that those without adequate umbrella insurance may find themselves vulnerable to significant financial burdens following liability claims.
An illustrative case shared by Mercury involves a policyholder who, despite his increased wealth after becoming a doctor, had not updated his insurance limits since college. He faced severe financial repercussions after an accident involving a moped rider, which resulted in damages exceeding the $25,000 limit of his auto policy. This resulted in years of salary deductions to cover the settlement, a stark warning of the perils of inadequate coverage.
The newly launched umbrella insurance from Mercury promises several key features:
1. 3-Year Accident and Violation Free Discount: A 5% discount is available to drivers on the Mercury policy who maintain a clean record for the past three years, incentivizing safe driving.
2. Uninsured Motorist Coverage: Policyholders can extend coverage up to $1 million to safeguard against accidents caused by uninsured drivers, thereby providing enhanced security.
3. Increased Liability Options: Customers can opt to raise their liability coverage from $1 million to $2 million, tailoring the plan according to their specific needs.
Colby remarked, “At Mercury, our umbrella policies provide very tailored extra protection depending on your needs. These policies are perfect for those who want to protect their homes and valuables against unexpected legal judgments and those looking for a quick payday.” The importance of umbrella insurance in this increasingly litigious environment cannot be overstated; it acts as a safeguard against potential financial disasters resulting from unanticipated accidents.
Since its inception in 1962, Mercury Insurance has been dedicated to delivering exceptional value to its customers, achieving an A rating from A.M. Best for its reliability. The company’s extensive network, comprising over 4,200 employees and 6,340 independent agents, illustrates its vast reach across the states where it operates. This new umbrella policy aligns with Mercury’s goal of offering exemplary service and competitive rates to protect its clients effectively.
For individuals and families in Florida, this policy serves as a vital addition to any insurance portfolio. As the risk landscape evolves with increased bodily injury claims, securing adequate insurance coverage will be crucial to maintaining financial stability. To learn more about how this product can protect your wealth, visit Mercury Umbrella Insurance.
Ambitious changes are being made as Florida joins the ranks of states where Mercury has already rolled out this personal umbrella insurance product. Following successful launches in California, Texas, Oklahoma, Illinois, Arizona, and Georgia, this initiative underscores Mercury Insurance’s commitment to providing residents with adequate protection. The umbrella policy offers crucial additional coverage designed to go beyond what standard home or auto insurance policies cover, giving Floridians greater peace of mind.
Nick Colby, the Vice President and Chief Sales Officer at Mercury Insurance, emphasized the importance of this new offering: “Mercury Insurance offers Floridians additional protection from lawsuits. Without this supplemental coverage, your home and car could be at risk.” The statement indicates an alarming reality that those without adequate umbrella insurance may find themselves vulnerable to significant financial burdens following liability claims.
An illustrative case shared by Mercury involves a policyholder who, despite his increased wealth after becoming a doctor, had not updated his insurance limits since college. He faced severe financial repercussions after an accident involving a moped rider, which resulted in damages exceeding the $25,000 limit of his auto policy. This resulted in years of salary deductions to cover the settlement, a stark warning of the perils of inadequate coverage.
The newly launched umbrella insurance from Mercury promises several key features:
1. 3-Year Accident and Violation Free Discount: A 5% discount is available to drivers on the Mercury policy who maintain a clean record for the past three years, incentivizing safe driving.
2. Uninsured Motorist Coverage: Policyholders can extend coverage up to $1 million to safeguard against accidents caused by uninsured drivers, thereby providing enhanced security.
3. Increased Liability Options: Customers can opt to raise their liability coverage from $1 million to $2 million, tailoring the plan according to their specific needs.
Colby remarked, “At Mercury, our umbrella policies provide very tailored extra protection depending on your needs. These policies are perfect for those who want to protect their homes and valuables against unexpected legal judgments and those looking for a quick payday.” The importance of umbrella insurance in this increasingly litigious environment cannot be overstated; it acts as a safeguard against potential financial disasters resulting from unanticipated accidents.
Since its inception in 1962, Mercury Insurance has been dedicated to delivering exceptional value to its customers, achieving an A rating from A.M. Best for its reliability. The company’s extensive network, comprising over 4,200 employees and 6,340 independent agents, illustrates its vast reach across the states where it operates. This new umbrella policy aligns with Mercury’s goal of offering exemplary service and competitive rates to protect its clients effectively.
For individuals and families in Florida, this policy serves as a vital addition to any insurance portfolio. As the risk landscape evolves with increased bodily injury claims, securing adequate insurance coverage will be crucial to maintaining financial stability. To learn more about how this product can protect your wealth, visit Mercury Umbrella Insurance.
Topics Financial Services & Investing）
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