Executive Group Personal Excess Liability Insurance Program Summary

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Summary

This document outlines an insurance program offered to eligible executives, providing up to $5,000,000 in personal excess liability coverage. The coverage applies after the executive's primary personal liability insurance is exhausted and requires a $250 deductible. It covers liabilities exceeding the limits of homeowners, automobile, watercraft, and recreational vehicle policies, provided certain minimum coverage levels are maintained. Legal defense costs are covered from the first dollar. The company pays the premium, which is treated as taxable income to the executive each year.

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EX-10.XXXII 14 0014.txt EXECUTIVE GROUP PERSONAL EXCESS LIABILITY INSURANCE Quick Look This program represents our continuing interest in your financial well-being and in allowing your focus to remain on the job without the potential distraction of a large damage claim. Executive Group Personal Excess Liability Insurance provides up to $5,000,000 in protection from this potential exposure. To qualify for this coverage, you must meet the general eligibility requirements for Executive Benefits (as defined on page i). In Depth The policy will provide you with $5,000,000 of Personal Excess Liability coverage. The policy will go into effect after all your primary Personal Liability Insurance is exhausted and after a $250 deductible. Your legal defense costs are paid from the first dollar. Coverage is provided over the liability limits of your homeowner's, automobile, watercraft and recreational vehicle policies. Legal Ease This program is effective only when you maintain the following minimum limits of liability on your personal liability insurance:
CATEGORY LIABILITY - MINIMUM LIMITS - -------------------------------------- --------------------------------- PERSONAL LIABILITY (homeowner's) $100,000 per occurrence for personal injury and property damage RECREATIONAL VEHICLES (unregistered $100,000 bodily injury and - - not licensed for road use, such as property damage each mopeds, all-terrain vehicles, dune occurrence buggies, etc.) EACH CAR, TRUCK, VAN OR $250,000/$500,000 bodily injury MOTORCYCLE (registered vehicles) and $100,000 property damage; or $300,000 single limit each occurrence (includes motorcycles and motorhomes) WATERCRAFT $100,000 per occurrence UNINSURED MOTORISTS PROTECTION $250,000/$500,000 bodily injury or $300,000 single limit occurrence
NOTE: The examples above are MINIMUM requirements. You should not make any changes to or cancel any existing policies without first consulting your professional insurance agent or broker. Costs for coverage under this Plan each year will be imputed income in the amount of the Company-paid premium on your behalf. It will be taxable as ordinary income to you that year.