Umbrella Package Policy Proves its Value
Customer Challenge:
“Ms. Southby” is a busy professional, as well as a single mother and homeowner. She depends on her insurance agent to understand her needs, explain her options and provide her with the best pricing available with an industry proven carrier.
The Liberty Advantage Solution:
As a new Liberty personal lines client, Ms. Southby’s agent spent the time to conduct a full review of her personal exposures and assessed her current coverage. During the review, the agent recognized a gap in coverage and met with Ms. Southby to explain her exposures and options to reduce risk.
With her prior agency, Ms. Southby maintained personal homeowners insurance with a $100,000 liability limit, as well as a $1 million dollar personal umbrella policy. The umbrella contract called for underlying requirements of $300,000.
Liberty provided Ms. Southby with a competitive and comprehensive personal lines insurance quote, which Ms. Southby accepted.
Outcome:
Shortly after the new policy was in place, a visitor to Ms. Southby’s home fell on her front steps and suffered a serious injury. The visitor’s bodily injury liability claim was $475,000.
With the new homeowners and umbrella package policy:
| The underlying homeowners policy paid | $300,000 |
| The umbrella policy paid | $175,000 |
| Ms. Southby paid | $0 |
With the prior carrier and umbrella policy:
| The underlying homeowners policy would have paid: | $100,000 |
| The umbrella policy would have paid: | $175,000 |
| Ms. Southby would have been liable for: | $200,000 |
Higher Value Coverage is a Home Run for Retiree
Customer Challenge:
Mr. Conner is a very successful businessman who recently retired. Finally with extra time on his hands he can pay his personal insurance exposure the attention it deserves. Although he’s been a client of the same agency for more than 20 years, when he calls with questions he is transferred to the carrier’s national call center. He is not getting the attention he expects.
The Liberty Advantage Solution:
Mr. Conner visited Liberty’s office and discussed his home, cars, summer cabin and grandson with a licensed agent at Liberty. Mr. Conner mentioned that he has been collecting baseball memorabilia since he was a young man. He keeps it locked up, so he has never been concerned about insuring it. He guesses that the collection may be worth more than $25,000. At the agent’s urging, Mr. Conner had the collection appraised and was happily surprised to find out that just one of the items is almost that value! In fact, the entire collection should be insured for $80,000.
Outcome:
Mr. Conner is now a Liberty client who is very pleased that he has just one phone number and one representative to call for all of his insurance needs. For the same cost he had been paying, he is now getting a higher value of coverage. And he now has a feeling of security that he didn’t have before. Mr. Conner also knows he has an amazing gift for his grandson’s 21st birthday, and that if anything happens to his prized baseball memorabilia collection, it is covered.
Benefit of Valuable Articles Policy Rings True for Homeowner
Customer Challenge:
The “Taylors” are longtime Liberty Personal Lines customers. Upon a recent renewal review, Mrs. Taylor mentioned that she has purchased some fine jewelry. The Taylors hadn’t mentioned it previously because they assumed the items were covered under their homeowner’s insurance.
The Liberty Advantage Solution:
Our Liberty agent for the Taylors was able to explain that homeowner’s coverage limits the per-item coverage for finer items. She provided the Taylors with a quote for a valuable articles policy to cover the fine jewelry. The annual cost is insignificant and they purchased the insurance. The next year while traveling, Mrs. Taylor noticed her diamond ring slipped off of her finger and was missing.
Outcome:
Mrs. Taylor called her agent to report the loss. After a quick return call to the claims adjuster, she put the sad loss out of her mind for the remainder of her traveling week. Upon her return home, she stopped at the post office to pick up her mail and was elated to receive a check in the amount of the full value of the ring.
