Hosting a party?

This is a wonderful time of year. Graduations. Baby and bridal showers. Dusting off the remnants of winter and having a Memorial Day party. These are all great events, but as the host, you need to understand your potential liability when it comes to all of the bad things that can happen. 

No one ever wants to think of the terrible things that can happen with pool related injuries. The average pool related liability claim is almost $800,000. This can involve someone diving into the shallow end and injuring their neck. It can be as serious as a drowning. 

Serving liquor at your event? Imagine the horror of someone leaving your party after drinking and having a serious car accident. What about the potential for the legal consequences of serving liquor to minors at a graduation party?  

Your home insurance may respond to pay and protect you in some of these instances. It would pay to defend you and pay up to the limit of coverage you are carrying. If you have only $300,000 of liability coverage on your home policy that will not cover the average pool related injury. One question we ask our clients, “It you are sued for $1 million, how much do you want the insurance company to pay?” 

Your home policy will never defend you, or pay, for criminal acts such as serving minors. In that case, it is not that you would not have enough coverage; you would not have any protection. 

Think about all of the perilous things that can occur. Act to prevent them. Never serve alcohol to minors. Talk to your insurance professional about a liability umbrella. The annual cost for an additional $1 million for a house and two cars can be as little at $210 annually.