Needing Insurance Info for E&O

[Spock]

Spock, many umbrella policies including uninsured motorists component. it covers you if you're struck by an uninsured motorist and say have 4 young MDs as passengers who are all disabled and the damages exceed the extent of your base coverage.

I don't know about "many". I know about mine. In order to get an umbrella liability policy I first had to jack up my auto policies (which pay first in an accident) to higher than normal coverage. (500/250 vs. 300/100) There is no coverage for another persons actions/liability, only my actions/liabilities.

 

[pb4uski]

Well I'll put it this way.... I've had umbrella coverage with two different insurance companies in each case uninsured motorist coverage was included. If I didn't want it then I'd have to decline it.

 

[pb4uski]

I like the way you think.... but it would most likely never fly due to the cause of the collapse being collision.

So it seems like the agent's E&O is the OP's best bet.

What is odd is that as I understand it if the OP had been storing furniture or whatever in the garage where the truck was that I presume it would have been covered by his homeowners policy as contents. But because it was a vehicle, it's not covered? Odd. What if it'd been a motorcycle there, or snowmobiles, or personal watercraft on a trailer? Would those be contents or excluded?

 

[Stormy Kromer]

So it seems like the agent's E&O is the OP's best bet.

What is odd is that as I understand it if the OP had been storing furniture or whatever in the garage where the truck was that I presume it would have been covered by his homeowners policy as contents. But because it was a vehicle, it's not covered? Odd. What if it'd been a motorcycle there, or snowmobiles, or personal watercraft on a trailer? Would those be contents or excluded?

Homeowners would cover personal property in the garage, but there are several exclusions in a Homeowners Policy for "property not covered" Some items excluded are autos and any motorized vehicle, unless it is to serve the insured premises, such as a lawn mower or snowblower. So, autos, motorcycles, ATV's, personal watercraft, are not covered. There is some incidental coverage for some trailers.

As for Uninsured/Underinsured Motorist coverage on an Umbrella. This is typically available, but this only applies to Bodily Injury claims. It would never provide coverage for your own personal property that is damaged. That is what your own Homeowners & Auto physical damage coverages are for.

I think the real problem the OP is facing is with his own Homeowners Insurer. The only thing he should be out with them on his Home repairs is the deductible on his HO policy. The Home insurer will be in line to try to collect their share of the $20,000 of insurance the responsible driver has, that's where OP may need some legal assistance, to make sure he's first in line with the subrogation process. I'd call the state insurance commissioner before I'd pay an attorney.

If a claim were made on the agent's Error's & Omissions policy now they would likely wait til the dust settled between the OP and his Homeowners Company. If OP can collect the full $20,000 for his auto from the other party's insurer, the E&O policy won't pay anything.

Good luck to the OP.

 

[Sunset]

So it seems like the agent's E&O is the OP's best bet.

What is odd is that as I understand it if the OP had been storing furniture or whatever in the garage where the truck was that I presume it would have been covered by his homeowners policy as contents. But because it was a vehicle, it's not covered? Odd. What if it'd been a motorcycle there, or snowmobiles, or personal watercraft on a trailer? Would those be contents or excluded?

A big problem. Part of which is the low coverage some States allow.

In OP's case, I'm thinking that homeowners should cover the house and contents damage, an that the other drivers uninsured coverage covers the damaged auto.
Of course I'm not an insurance agent.

 

[pb4uski]

Homeowners would cover personal property in the garage, but there are several exclusions in a Homeowners Policy for "property not covered" Some items excluded are autos and any motorized vehicle, unless it is to serve the insured premises, such as a lawn mower or snowblower. So, autos, motorcycles, ATV's, personal watercraft, are not covered. There is some incidental coverage for some trailers.

As for Uninsured/Underinsured Motorist coverage on an Umbrella. This is typically available, but this only applies to Bodily Injury claims. It would never provide coverage for your own personal property that is damaged. That is what your own Homeowners & Auto physical damage coverages are for.

I think the real problem the OP is facing is with his own Homeowners Insurer. The only thing he should be out with them on his Home repairs is the deductible on his HO policy. The Home insurer will be in line to try to collect their share of the $20,000 of insurance the responsible driver has, that's where OP may need some legal assistance, to make sure he's first in line with the subrogation process. I'd call the state insurance commissioner before I'd pay an attorney.

If a claim were made on the agent's Error's & Omissions policy now they would likely wait til the dust settled between the OP and his Homeowners Company. If OP can collect the full $20,000 for his auto from the other party's insurer, the E&O policy won't pay anything.

Good luck to the OP.

What you wrote makes perfect sense to me. I guess that in theory the same could happen to me as my truck is now sitting in off-season storage in my garage with only comprehensive on it... but I'll take my chances as the probability of something like the OPs situation happening is so remote and the cost of keeping collision on it for the winter is pretty significant. I'll take the risk.

 

[Stormy Kromer]

Calico1957, for now I'd suggest working closely with your Homeowners Insurer and make it clear that you intend to collect your Uninsured loss from the responsible driver first, and that you expect access to their limits BEFORE they begin their subrogation efforts. They're looking at those measly $20,000 limits just as much as you are. Tell them that you need to be made whole before they can expect any recovery. This may take an attorney, or the mention of one. Each state has different rules for subrogation recovery, your Homeowners Insurer is familiar with them, you need to be too.


Good luck.


Ain't insurance fun.....

 

[calico1597]

Thanks for everyone's advice and opinions. We haven't dismissed the idea we may need a lawyer before this is over. We don't have an umbrella policy and the underinsured part of our insurance was gone when we dropped the collision coverage.

I like the idea of calling the state insurance commissioner to learn our rights. We now have full coverage on all our vehicles and it will stay that way. Has been a hard lesson to learn.

 

[Sunset]

My ins. agent has been telling me for a few years to take the collision off DW's 20 yr old camry to save the $100 or less per year that part costs.
He says the liability will pay for other's damage and collision is for repairing DW's car.
I figured for us it's a small savings and my bad luck would be to crash the car once I had done that.

This makes me wonder in OP's case, how did the other driver only have 20K liability insurance ??

 

[Jerry1]

This makes me wonder in OP's case, how did the other driver only have 20K liability insurance ??

I don’t know about the OP, but I think $20K is the minimum in Michigan. I’m guessing that’s the minimum in OP’s state. You might not be surprised to conclude that most people only get the minimum required.

 

[flintnational]

........... I think the real problem the OP is facing is with his own Homeowners Insurer. The only thing he should be out with them on his Home repairs is the deductible on his HO policy. The Home insurer will be in line to try to collect their share of the $20,000 of insurance the responsible driver has, that's where OP may need some legal assistance, to make sure he's first in line with the subrogation process. I'd call the state insurance commissioner before I'd pay an attorney...........

I agree. State law/and or the HO policy should indicate which party is first in line to recover against the responsible party. Hopefully, one or the other will bar the HO insurer from subrogating until the OP is fully reimbursed.

ETA: Here is a paper that discusses this issue and indicates how it is treated in each State. I am not sure of the source. So double check their summary findings. As Stormy Kromer indicated, your State Insurance Commissioner's office should be able to help.