1. H O W T E C H W E A L T H I S T R A N S F O R M I N G S A N F R A N C I S C O I N T O O N E
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2. Cook Maran & Associates Inc.
Laura Kearney, CIC, Vice President, Personal Lines Insurance Advisor
East Hampton, NY Leading Insurance Advisor
What is excess liability coverage,
and do I need it?
By Laura Kearney
The peace of mind liability insurance
protection provides, combined with
the reasonable cost associated with
higher limits, makes excess liability
coverage the best value in personal
insurance today. It is a vitally impor-
tant layer of protection and a critical
part of every client review meeting
we conduct.
Liability coverage provides protec-
tion against a third party. The cover-
age is a central part of most personal
insurance policies and, most notably, a
staple in auto and home insurance poli-
cies. Excess liability policies, some-
times called umbrella policies, provide
limits “in excess” of the limits offered
on underlying policies. The liability
coverage within a home, auto or water-
craft policy is considered the “pri-
mary” liability insurance, meaning it
responds first in the event of a claim.
Excess liability insurance responds
after primary limits are exhausted.
How much excess liability
coverage do I need?
Only you can determine the appropri-
ate amount—however, you do not have
to be a billionaire to be sued like one.
One measure is to carry limits that are
at least equal to your net worth. Most
high net worth insurance companies,
such as AIG’s Private Client Group,
provide excess liability limits up to
$100 million. Coverage is available in
increments of $1 million to $5 million,
and then commonly offered at levels
of $10 million, $25 million, $50 million
and $100 million. Often, consumers
can get $10 million excess liability cov-
erage for under $2,500 per year.
Perhaps the greatest benefit associ-
ated with excess liability insurance is
the defense cost coverage. Most poli-
cies pay defense costs outside of your
policy limits—an enormous benefit,
given how some lawsuits drag on for
months or years, accruing large legal
bills. Additionally, policies typically
include the wording “We will defend
an insured person against any suit
seeking damages covered by excess
liability under this policy. . . even if the
allegations of the suit are groundless,
false, or fraudulent, we provide this de-
fense at our expense.”
Where and what am I
covered for?
Most excess liability policies provide
worldwide protection for personal in-
jury (including libel and slander) and
property damage, as well as owned
and non-owned vehicles, homes and
watercraft. Companies like AIG in-
clude a “drop-down” feature to elimi-
nate potential gaps when covered
incidents are excluded from your pri-
mary liability policy.
Excess uninsured motorist coverage
is also available by endorsement for
accidents involving underinsured or
uninsured drivers. Given that an esti-
mated one in six drivers are uninsured,
why not provide yourself the same
protection you are affording others?
1. Many owners of large estates use
golf carts to navigate their properties.
A 16-year-old was driving one (insured
under her parents’ policy for underlying
liability) with a friend to the nearby
country club. While traveling at a fairly
fast speed, the teen made a sudden left
turn and her passenger was ejected
from the cart, sustaining a serious head
injury. The accident resulted in a seven-
figure settlement.
2. A couple hosted a charity auction at
their estate. When workers arrived to
deliver the items up for bid, they were
instructed to move a large item around
the side of the house and through the
pool area. The wet tile caused one
worker to fall, fracture his wrist and fall
into the pool, where he almost drowned.
He later developed a chronic/progressive
neurological disorder. Although the
homeowners were not on the property
at the time, they were sued and found
vicariously liable for their staff member’s
actions and the subsequent injuries.
S O M E R E A L - L I F E E X A M P L E S

3. CookMaran&AssociatesInc.livegrowmake
How to reach Laura Kearney
To learn more about Cook Maran & Associates Inc.
and our full range of insurance solutions, please
give me a call at 631.702.8564.
Insurance Services Experience 23 years
Education BS, business and finance,
Long Island University—Southampton
Association Memberships Society of CIC
Insurance Services Provided
Personal, private client services, commercial, surety and employee benefits
Website www.cookmaran.com
Email lkearney@cookmaran.com
Cook Maran & Associates Inc. 461 Pantigo Road, East Hampton, NY 11937 631.702.8564
illustrationbykevinsprouls
085w o r t h . c o m f e b r u a r y- m a r c h 2 0 1 5
Laura Kearney is an insurance advisor for Private Client Services at Cook Maran & Associates. Joining the
firm in 1991 as a telemarketer while still in college, Ms. Kearney is now vice president and a partner. She has
held the professional designation of Certified Insurance Counselor (CIC) for the past 14 years and today
has clients throughout the US and internationally. Active in the community, Ms. Kearney is a fundraiser for
JDRF, a leading research group devoted to finding a cure for Type 1 diabetes. She is also active as a youth
coach, and enjoys tennis, boating and playing softball in a local women’s league. She and her husband live
in East Hampton, New York with their two daughters.
About Laura Kearney
“You do not have to
be a billionaire to be
sued like one.”
—Laura Kearney
Left to right: Laura
Kearney, Christine
Schrader, Tim
Brenneman,
Rosemary Whisler,
Alison Schmidt

4. the evolution of financial intelligence
R E P R I N T E D F R O M
®
Cook Maran & Associates Inc. is featured in Worth®
2015 Leading Wealth Advisors™
, a special section in every edition of Worth®
magazine. All persons and firms appearing in this section have
completed questionnaires, have been vetted by an advisory group following submission by Worth®
, and thereafter paid the standard fees to Worth®
to be featured in this section. The information
contained herein is for informational purposes, and although the list of advisors presented in this section is drawn from sources believed to be reliable and independently reviewed, the accuracy
or completeness of this information is not guaranteed. No person or firm listed in this section should be construed as an endorsement by Worth®
, and Worth®
will not be responsible for the
performance, acts or omissions of any such advisor. It should not be assumed that the past performance of any advisors featured in this special section will equal or be an indicator of future
performance. Worth®
, a Sandow Media publication, is a financial publisher and does not recommend or endorse investment, legal or tax advisors, investment strategies or particular
investments. Those seeking specific investment advice should consider a qualified and licensed investment professional. Worth®
is a registered trademark of Sandow Media LLC.
See “About Us” for additional program details at http://www.worth.com/index.php/about-worth.
Laura Kearney, CIC
Vice President, Personal Lines Insurance Advisor
Cook Maran & Associates Inc.
461 Pantigo Road
East Hampton, NY 11937
Tel. 631.702.8564
lkearney@cookmaran.com
www.cookmaran.com