You can be the target of a lawsuit for a whole array of reasons. At Electric Insurance Company, we've pretty much seen them all. Usually because more forward-thinking GE employees purchase a Personal Excess Liability (PEL) policy. So when they're the target of a lawsuit — and quite a few are every year — they have a place to turn.
PEL policyholders contact us when the employee or the employee's household family member is likely to be the target of a claim or lawsuit against them. We work to coordinate claims services with any underlying insurance companies — helping ensure all the employee's related coverages are working efficiently. PEL then steps in to make up the difference if the judgment or settlement amount against them exceeds the limit of the underlying auto or home liability coverage.* So the employee whose auto insurance liability only covers $250,000 of a $800,000 judgment and associated fees won't find his bank accounts, investments, assets, or future earnings stripped to meet it.
GE employees who take advantage of the PEL benefit do so for a price approximately one-third less than the cost of excess liability programs outside of GE's benefits program. That's an excellent value for a benefit that covers millions of dollars in judgments against GE employees every year.
*To the extent of the policy limits.
Option 1: PEL Primary
Option 2: PEL Plus
Why do I need this?
PEL insurance covers expenses related to liability claims and lawsuits. It would apply over and above your auto and home insurance when you, or your household family members, are sued as a result of claims made for your actions that resulted in:
What it covers
A PEL policy pays, up to the policy limit, for:
1 Based on countrywide rates for a single person who owns a single automobile and a home. State variations may apply.
2 Based on countrywide rates for a married couple who owns a home, two automobiles without youthful operators on the policy, and auto and home insurance liability limits of $250,000/$500,000. State variations may apply.
* Product, service, and discount availability and limits vary by state. The information provided on this site is provided for informational purposes only and is not a full explanation of products, services or coverage. For more information, please contact Electric Insurance Company at 800.227.2757. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.
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