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Umbrella Insurance Policies.

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Old 03-01-2002, 10:52 AM
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Default Umbrella Insurance Policies.

I purchased a $1M dollar Umbrella Liability Policy from State Farm yesterday. I had to bump my Liability on my boat (not with SF) and my truck (with SF) up to $300K, which is smart anyhow.

The policy for one year cost me $343.00. It sure seems like a no brainer to me, considering how easily a boating accident can rack up the costs, especially with enviro BS & fines.

I am curious to how much other folks are paying for their policies, and how much they are covered for. I could have gone $2M for $520.00/yr.
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Old 03-01-2002, 11:47 AM
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I have a 3 million umbrella for about 500 per year.300,00 on boat,cars,truck,sleds etc.
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Old 03-01-2002, 12:02 PM
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Here in the fine state of California i am paying $ 1000.00 for every $ 100.000 worth of work . My liability has more than tripled in the last three years and in 25 years I have never had a claim I realize you are talking about a different type of policy , since its liabilityI thought I would share that with you LOL ! what a joke ! Mitch
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Old 03-01-2002, 12:08 PM
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Mitch,

I am with you on this one. My liability insurance at work has doubled this year. After talking with the bookies, I mean brokers the secondary insurance market got hammered.
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Old 03-01-2002, 12:20 PM
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Hey Brian......405.00 for a million dollars worth down here in Fla......

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Old 03-01-2002, 12:24 PM
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Default umbrella coverage

get in writing from the umbrella company that the umbrella coverage applies to a high performance boat capable of 60 mph.
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Old 03-01-2002, 12:27 PM
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Here in litigious NJ I carry 300/500 on each of the cars with a $1 million umbrella policy. Umbrella costs about $300 per year.

I believe State Farm required me to carry the 300K on the cars in order to put the umbrella policy in place. They also made me provide proof of liability insurance on the boat before they would renew this year.

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Old 03-01-2002, 09:52 PM
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my policy does not cover the skater or private planes
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Old 03-02-2002, 12:09 AM
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Thanks Sy. I will make sure to do that. My boat only goes 59.421mph anyhow. LOL
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Old 03-02-2002, 12:41 PM
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hey 46tomcat, what kind of planes do you fly? I'm a pilot myself, fly a 1942 Boeing Stearman 450 hp. Also a piper arrow 4.
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