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Personal Liability Umbrella (Insurance) Policies

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Old 11-15-2004, 02:18 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

Syd, i do the same thing, look in the mirror, always. Sounds like the Pathfinder guy was looking to get hit. In my state when you hit someone in the rear, (although you really didnt) it is considered 100% at fault. Hopefully the lady will be fine, and that it wont be nasty. Good thing you didnt hit Pathfinderidiot or it would have been alot worse it sounds.
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Old 11-15-2004, 02:45 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

A quick question for the lawyers. If you prepresent someone who needs your services and they go after a person, do you typically look at how much coverage they have and use that information to formulate your request? Why ask for $2M if they are covered to say $500K? If they have $2M umbrella policy, would you ask for $2.5?

My agent states that lawyers will ask for what they determine to be the right amount based on the injuries. I tend to believe they are a little more altruistically selfish than that and will ask for whatever maximizes their bank account.

I have an Umbrella, but I tend to believe it ultimately benefits the lawyers.

Just curious,
Doug
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Old 11-15-2004, 02:54 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

I've been meaning to look into this. My wife is about to drop her medical malpractice insurance and PUP would be a good way to protect us against stupid bastards slipping on the sidewalk. She will still have patients come to the house and people have complained (not sued) in the past. Will definitely help. However, I wonder how much the ins. cos. will jack up the price once they discover part of the house is a doctor's office.
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Old 11-15-2004, 05:08 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

LM, better check your policy to see if business pursuits are covered. They usually are specifically excluded.
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Old 11-15-2004, 06:28 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

I have had one for approx.3 years, I pay 225.00 a year for one million in coverage and have everything with Allstate, I may need to check with SF.. Thanks
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Old 11-15-2004, 06:41 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

I have one for $ 4.0 million but I have a horse farm (attractive nuisance) with Stallions. I pay about $ 345 per year with Farm Bureau and have all my policies with them including auto, home, workers comp. etc.

An umbrella is cheap insurance, it also makes the Insurance co. your partner. Some insurance co's will "give in" to shyster lawyers on a $ 300,000 claim when you are only insured for $ 100,000 on a auto collision leaving you to "defend" your portion of the remainder.

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Old 11-15-2004, 06:55 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

Let me comment on this, just about everyone on this board has very expensive toys and hopefully some net worth. YOU all should have at least 1mil coverage. I would suggest more like 3 mil. Having been on the **** side of some nasty law suits, the lawyers will chew up 1 mill before you blink. I truely hope none of you have to use the coverage but if you need to have it.

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Old 11-15-2004, 07:37 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

Most PUP policies pick up the coverage at 300k up to the limit of the PUP. This generally requires you to up your individual policy limits to 300k each.

Your guy's pricing sounds pretty cheap.
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Old 11-15-2004, 08:18 PM
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Default Re: Personal Liability Umbrella (Insurance) Policies

Quote:
Originally Posted by mcollinstn
Most PUP policies pick up the coverage at 300k up to the limit of the PUP. This generally requires you to up your individual policy limits to 300k each.

Your guy's pricing sounds pretty cheap.
The pricing changes drastically with what you own and things like ages of drivers. When your kids turn 16 and get cars, your PLUP will likely increase. At least at SF they do. If your underlying liability coverage for say an auto is 100,000 per person, 300,000 per accident and 50,000 property damage, that is adequate for getting a PLUP. Look under your liability coverage and you should see 3 numbers, one for each category I mentioned above. By the way, some folks are talking about deductibles in this thread. I've never heard of a deductible for liability, whether it is your underlying vehicle liability or your PLUP. Generally deductible is for covering your vehicle, like collision and comprehensive coverages. The liability coverages are for covering the other guys stuff you damage, and generally those coverages don't carry deductibles. Maybe that is not the case with every company though.

If you don't have these levels of protection, think about the risk. Property damage of 50K, there are a bunch of cars worth more than 50K. And what if you cut in front of a large truck, or god forbid a school bus and it gets damaged with kids on it. 100K per person may be sufficient, but 300K for all persons will not be sufficient, and 50K for property damage can get eaten up pretty quick, it certainly is not going to buy a new bus or truck.

It is all a risk game. But if you lose at the game, and your wages get garnished for a very long time, you won't have the means for the toys we all like to play with.
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