|
|
07-31-2018, 08:16 AM
|
#41
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
|
Quote:
Originally Posted by MJ
I know this is personal decision but I thought I would ask this anyway.
Right now, my total liability protection is $500,000 over my exposed assets.
Is it overkill to get another $1,000,000 (next increment) beyond your total exposed assets or I'm I wasting an extra $80/year? My wife and I don't live a liability exposed lifestyle, no guns, normal driving, live in a condo, no drinking, in other words, a boring normal life .
|
It is a personal decision and only you know your complete exposure.
Personally, I don’t mind paying for a bit more coverage than I might need when looking at exposure. It’s relatively cheap insurance and uses the insurance company’s attack dog lawyers if needed.
|
|
|
|
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!
|
07-31-2018, 09:22 AM
|
#42
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 7,422
|
Quote:
Originally Posted by Ready
Umbrella policies typically range from $1M-$5M. So an attorney could guess that the most the policy may cover would be $5M, but they would have to do some discovery to find out for sure. There is a big difference between $1M and $5M.
But I wouldn't overthink the idea of an attorney suing for $5M just because you have it. In practice it doesn't work that way. A jury still has to find damages totaling $5M which is highly unlikely unless there was gross negligence.
|
You're at fault for an accident which kills a breadwinner for a family who was making a good salary.
The survivors and their lawyer won't seek to sue for maximum damages?
|
|
|
07-31-2018, 10:50 AM
|
#43
|
Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,610
|
Quote:
Originally Posted by explanade
You're at fault for an accident which kills a breadwinner for a family who was making a good salary.
The survivors and their lawyer won't seek to sue for maximum damages?
|
Bird in hand vs. two in bush.
A company I worked for over a decade ago faced a lawsuit by a badly-injured plaintiff who rejected the insurance company's offer (~$1 million IIRC)
So the case wound through federal court for the next 5+ years, with the plaintiff (sole breadwinner for their family) losing at trial.
|
|
|
07-31-2018, 11:12 AM
|
#44
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 873
|
We have a $2 million umbrella policy "just in case" for around $350 per year. It gives us a peace of mind. No questions asked from the insurance company.
|
|
|
07-31-2018, 03:03 PM
|
#45
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
|
Quote:
Originally Posted by explanade
You're at fault for an accident which kills a breadwinner for a family who was making a good salary.
The survivors and their lawyer won't seek to sue for maximum damages?
|
Yes they will. And if you were drunk while driving they will get a big payout. If it was just a typical accident that would not rise to the level of gross negligence.
|
|
|
08-01-2018, 12:58 AM
|
#46
|
Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,661
|
Just an update on the question of whether one’s trust needs to be a named insured on umbrella policy if one’s assets are held in the trust. Our trust attorney confirmed today what our Allstate agent had told us - ie as long as the trust’s only trustees are DH and me, there is no need to name the trust as an additional insured. All of our insurance policies will cover DH and my property and liability, even if trust-owned property is involved in the claim. The trust is transparent to the insurance company because DH and I are in complete control of it.
|
|
|
08-01-2018, 08:34 AM
|
#47
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
|
Quote:
Originally Posted by Scuba
Just an update on the question of whether one’s trust needs to be a named insured on umbrella policy if one’s assets are held in the trust. Our trust attorney confirmed today what our Allstate agent had told us - ie as long as the trust’s only trustees are DH and me, there is no need to name the trust as an additional insured. All of our insurance policies will cover DH and my property and liability, even if trust-owned property is involved in the claim. The trust is transparent to the insurance company because DH and I are in complete control of it.
|
I'm sure your attorney knows a lot more than I do about this, so it's probably good advice. But somehow it still doesn't sit well with me. Allstate was the only insurance company I spoke with who refused to name the trust on our policy. Every other company not only said no problem but confirmed that we absolutely need to do so. So something doesn't seem completely right here.
We did end up moving the policy from Allstate to Amica this week, so that solved the problem for us.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
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
|
|
|