Ironshore Personal Lines announced Monday that it will offer a new umbrella program for high-net-worth homeowners—those with properties valued in excess of $1 million—as complementary liability coverage for losses due to unforeseen legal actions.

The new umbrella program will provide liability coverage limits of up to $5 million as part of Ironshore’s High Value Homeowner property plan in select states nationwide, according to a company statement.

The coverage addresses liability damages awarded against high-net-worth families for various legal actions, such as automobile accidents, dog bites, libel, slander and bullying. Legal expenses also are covered without reducing the excess umbrella coverage limit. Optional protection is available for first-party loss faced by the homeowner when the responsible party does not have adequate insurance coverage for associated costs.

“Most high-net-worth households do not have sufficient protection against financial exposure suffered as a result of a severe loss event scenario triggered by an unexpected lawsuit,” said Daniel Olmsted, senior vice president of Personal Lines. “Ironshore’s umbrella policy is designed to fill liability coverage gaps that often exist within high-value property programs.”