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Old 10-14-2016, 11:59 PM   #41
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....
If I face a huge lawsuit, I hope to spend every penny subject to a judgment on the defense of my case No reason to leave any crumbs for the judgment creditor to hoover up.
Yes, the nice thing is you can have your lawyer pre-bill you for the estimated future costs of the case, which immediately drops your assets making you less attractive.
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Old 10-15-2016, 08:25 AM   #42
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Aside from the insurance, we all need to watch our risk. Driving is a "do your best" thing. Be careful out there! We gotta drive. But let me mention something that came up at w*rk.

Be careful hiring day laborers.

Someone at w*rk thought they'd help out the community by picking up a guy looking for a day's work from "day laborer's row." He came over to the house and helped him throw away a bunch of trash.

Later, he got a nuisance lawsuit/insurance claim for a "back injury" suffered. Turns out this guy was a smart cookie. Saw the nice house, heard his "employer" was a high-tech guy, etc.

Not an umbrella case, but never the less, something you need to watch.
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Old 10-16-2016, 04:12 AM   #43
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Our $5 million umbrella liability policy costs $453 per year.

That does seem low. Does it include uninsured/underinsured motorists. Our 4MM policy costs $633 but it does include uninsured motorists which is a cost component. I've never heard of Electric Insurance.


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Old 10-16-2016, 08:24 AM   #44
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Does it include uninsured/underinsured motorists.
It does.

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Electric Insurance
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Do you have to be a GE employee or former employee?
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No.
CORRECTION: Though Electric Insurance does offer home and auto insurance to the general public, Personal Excess Liability policies are only available for GE employees/retirees - apologies.
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Old 10-17-2016, 09:42 AM   #45
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It does.


CORRECTION: Though Electric Insurance does offer home and auto insurance to the general public, Personal Excess Liability policies are only available for GE employees/retirees - apologies.
Their website makes it seem like the PEL and Umbrella are two different products.
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Old 10-17-2016, 04:30 PM   #46
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CORRECTION: Though Electric Insurance does offer home and auto insurance to the general public, Personal Excess Liability policies are only available for GE employees/retirees - apologies.
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Their website makes it seem like the PEL and Umbrella are two different products.
Good catch, someguy. The representative at Electric Insurance explained that the PEL and Umbrella are the same product/coverage, but that the PEL is a discounted policy for GE employees/retirees. The Umbrella policy is for everybody else. So, as it turns out, they do offer Umbrella Liability policies to the general public, along with home and auto insurance.
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Old 10-19-2016, 09:56 AM   #47
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Be sure excess policy covers the auto exposure too. When I see annual premiums that seem very low it calls into question what is and isn't covered. IMO the most exposure we all have comes from the auto side. Without covering the auto exposure the annual premium can be quite low. Regards

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Old 10-19-2016, 04:56 PM   #48
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... I'm thinking mostly of the vast majority of drivers who carry the bare minimum or none at all.
GEICO's umbrella quote that includes uninsured/underinsured motorist coverage is exactly twice the quote that excludes these folks, so I declined it. My rationale is that I'm primarily interested in liability coverage for what I might do to others (or what someone might claim that I did to them in a lawsuit) rather than what happens to me.

I noted that the umbrella policy includes coverage for claims arising from serving on a nonprofit board. So, if I decide to become an officer of my HOA and some moron sues me for some perceived slight, hopefully the legal costs associated with my defense would be covered.
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Old 10-19-2016, 05:45 PM   #49
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I noted that the umbrella policy includes coverage for claims arising from serving on a nonprofit board. So, if I decide to become an officer of my HOA and some moron sues me for some perceived slight, hopefully the legal costs associated with my defense would be covered.
Read the exclusions carefully and at every renewal. Most such policies will not cover employment practice liability (think sexual harassment, etc.). Many carriers have been slowly tightening what they will cover. Supplements are usually available at higher cost to cover broader risks. My wife is taking over as Board chair of a large non-profit with a handful of locations, many employees, and lots of children as clients. Big potential for all sorts of bad outcomes.
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