|
|
10-14-2016, 10:59 PM
|
#41
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
|
Quote:
Originally Posted by FUEGO
....
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.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
10-15-2016, 07:25 AM
|
#42
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
|
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.
|
|
|
10-16-2016, 03:12 AM
|
#43
|
Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,522
|
Quote:
Originally Posted by 523HRR
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.
Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
|
|
|
10-16-2016, 07:24 AM
|
#44
|
Recycles dryer sheets
Join Date: Nov 2011
Posts: 185
|
Quote:
Originally Posted by Golden sunsets
Does it include uninsured/underinsured motorists.
|
It does.
Quote:
Originally Posted by 523HRR
Electric Insurance
|
Quote:
Originally Posted by RockyMtn
Do you have to be a GE employee or former employee?
|
Quote:
Originally Posted by 523HRR
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.
__________________
FIREd 2012 at Age 49
|
|
|
10-17-2016, 08:42 AM
|
#45
|
Full time employment: Posting here.
Join Date: Jun 2012
Posts: 691
|
Quote:
Originally Posted by 523HRR
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.
|
|
|
10-17-2016, 03:30 PM
|
#46
|
Recycles dryer sheets
Join Date: Nov 2011
Posts: 185
|
Quote:
Originally Posted by 523HRR
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.
|
Quote:
Originally Posted by someguy
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.
__________________
FIREd 2012 at Age 49
|
|
|
10-19-2016, 08:56 AM
|
#47
|
Dryer sheet wannabe
Join Date: Mar 2011
Location: slingerlands
Posts: 19
|
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
Sent from my SM-T550 using Early Retirement Forum mobile app
|
|
|
10-19-2016, 03:56 PM
|
#48
|
Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,600
|
Quote:
Originally Posted by athena53
... 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.
|
|
|
10-19-2016, 04:45 PM
|
#49
|
Recycles dryer sheets
Join Date: May 2008
Location: Treasure Coast
Posts: 472
|
Quote:
Originally Posted by socca
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.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|