"NO TRESPASSING" signs help or hinder

[JoeWras]

How do you add that up to come up with a $M figure?

I can't. I can only come up with relative risk. I'm not an underwriter, but I guess they do that for a living and come up with a quantified premium.

The discussion on the other Umbrella thread was pretty good. It is hard to come up with a number.

 

[audreyh1]

I can't. I can only come up with relative risk. I'm not an underwriter, but I guess they do that for a living and come up with a quantified premium.

The discussion on the other Umbrella thread was pretty good. It is hard to come up with a number.

Yeah - that's where I didn't see how anyone other than a lawyer familiar with local civil litigation might come up with some $ number, and even that would be all over the place.

Which is why I was asking Cayman how he/she determined their $ exposure.

 

[trumpeting_angel]

For the most part, you can be liable even if someone is trespassing, contrary to common sense. I’d advise asking your insurance agent esther than us. As @exflyboy5 pointed out, the laws are different everywhere.

Umbrella liability insurance is so cheap that it shouldn’t even be a question. No brainer.

 

[street]

^ >> true you can be liable even if someone is trespassing, contrary to common sense. That was one question I forgot to ask my agent today. He will be emailing me some prices from 1M to 3M ULC policies. I will ask him that question then and also I want to ask if these UL Policies cover uninsured and underinsured motorist as well.

Yes I do believe I will get the coverage I need to see what the price is and still have a few questions before signing the line.

 

[Bamaman]

And if there is a house on the premises, things get more.completed. If we had anyone break into our lake house and spend the night, we would have to file for eviction. They could stay until a court date and a summons would have to be executed. Court charges are.just over $300 alone.

 

[ExFlyBoy5]

Yeah - that's where I didn't see how anyone other than a lawyer familiar with local civil litigation might come up with some $ number, and even that would be all over the place.

Which is why I was asking Cayman how he/she determined their $ exposure.

There are numbers out there, and they are available to the underwriters and attorneys. The "good" folks at Lexis Nexis has a pretty robust database of settlement histories and although I haven't dug too deep, it appears that they break them down by fairly specific categories as well.

I am convinced that there is FAR more data out there that has been squeezed for every ounce of "knowledge" than most of us can fathom.