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Umbrella Insurance
Old 01-25-2019, 07:05 PM   #1
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Umbrella Insurance

I'm considering an umbrella insurance policy..What liability is NOT covered?
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Old 01-25-2019, 07:09 PM   #2
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whatever your underlying policies don't cover. It just gives your existing liability policies longer legs.
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Old 01-25-2019, 07:58 PM   #3
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I'm considering an umbrella insurance policy..What liability is NOT covered?
If you obtain an umbrella ins from the same company as your auto ins they may require you to up your auto (ie. 250K/300K) ... which cost you more but then you probably get more discounts by having multiple policies.
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Old 01-25-2019, 08:00 PM   #4
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Thanks guys..Geico says they will not sell me an umbrella policy because my wife is on the school board..
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Old 01-26-2019, 05:08 AM   #5
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Thanks guys..Geico says they will not sell me an umbrella policy because my wife is on the school board..
Sounds like they must cover unusual stuff. But how did they even know about the school board?
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Old 01-26-2019, 05:14 AM   #6
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If you obtain an umbrella ins from the same company as your auto ins they may require you to up your auto (ie. 250K/300K) ... which cost you more but then you probably get more discounts by having multiple policies.

I upped my deductibles with USAA on auto and home insurance at the same time I got umbrella, and cut my insurance bill.

BTW, got the idea by being dragged to a planners dinner by a friend. Occasionally pick up a small tidbit here and there.
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Old 01-26-2019, 06:46 AM   #7
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Sounds like they must cover unusual stuff. But how did they even know about the school board?
They asked a series of questions one of which was did either of us hold and elected official position..
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Old 01-26-2019, 07:00 AM   #8
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whatever your underlying policies don't cover. It just gives your existing liability policies longer legs.
Umbrella policies extend the coverage of auto and home insurance but according to some umbrella insurance FAQs I read they also cover matters that are not covered under those other policies. Thus GEICO's concern about serving on the school board - your home and auto policies wouldn't cover a suit related to board activities but GEICO must be worried they would have to.

I suspect you need to read the policy to be sure if activities you are worried about are covered. For example, if I step off the pedestrian walk into a bikes only path without looking and accidentally smash a rider to the ground, I hope my umbrella policy would cover liability. I haven't checked but here is a fact sheet that would indicate that it would.
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Old 01-26-2019, 07:02 AM   #9
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They asked a series of questions one of which was did either of us hold and elected official position..
Sorry about that lawman, I'd check with other insurers.

Also, ask the school board to see their Directors & Officer's liability policy and ask what their official position is on reimbursing directors for legal fees. Check to see who is an "Insured" on the policy and make sure you're comfortable with the limits, and that they have a duty to defend individual directors. I wouldn't serve on any board unless I was comfortable with their D&O insurance.

Also, your own insurance (Homeowners or Umbrella) do not cover near what you need to serve on a board anyway.

Check with other companies to see if serving on a school board is a concern to them, maybe ask some of the other directors.

I'm glad people are willing to serve on boards.
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Old 01-26-2019, 07:06 AM   #10
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^ interesting! When I got my UP it took a while before it was officially that I had the policy. I beleive it was about one month from the time I said, I wanted it till I heard or got the policy. My agent told me it takes some time for them to be approved etc. or stated something like that. I often wondered if they looked into the party wanting an UP. I wasn't asked any questions per say that I was aware when looking into buying a policy. I got the policy but took a while before everything went through.
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Old 01-26-2019, 08:26 AM   #11
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You'll have to check what each insurer covers. Some umbrellas leak quite a bit.
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Old 01-26-2019, 10:51 AM   #12
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Thanks guys..Geico says they will not sell me an umbrella policy because my wife is on the school board..
Volunteer or paid?

My umbrella through Travelers covers volunteer positions.

Though where I volunteer also has D & O coverage.
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Old 01-26-2019, 11:06 AM   #13
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Volunteer or paid?

My umbrella through Travelers covers volunteer positions.

Though where I volunteer also has D & O coverage.
Elected volunteer. School district carries insurance for all boardmembers..
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Old 01-27-2019, 08:01 PM   #14
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Find a new umbrella insurer... many will cover you if you serve on a board. Doesn't one of the richest people in the world own Geico ? Find a local, regional, maybe even a mutual insurance company in the business of serving policy holders instead of serving Berkshire Hatheway would be in your better interest. You have options.


Thank you for being willing to serve as a volunteer director.
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