Question about umbrella insurance

[ExFlyBoy5]

I understand.
I just looked through my USAA policy, but not with a fine tooth comb. Didn’t see any specific exclusion like this, but need to read more closely. A project for the weekend.

Our USAA policy does cover libel and slander. Obviously, this may be different from state to state.

 

[Dash man]

Our USAA policy does cover libel and slander. Obviously, this may be different from state to state.

I’m pretty sure ours does too after reading through it. Sometimes I’m just leery of the legalese that can be confusing.

 

[FlaMariner]

Attorney said that having umbrella attracts more frivolous lawsuits

Curious....How would anyone know I had umbrella insurance?

 

[JoeWras]

I'm finding this recent news very disturbing. Is this "legal insurance" and not real insurance? If all they are doing is defending the claimant, but not paying for a judgement, what incentive does the insurance have to present a strong defense?

My umbrella specifically covers libel and slander. But now I'm not sure what "cover" means anymore...

 

[Car-Guy]

Libel and slander are excluded from my umbrella policy, but the insurance company has to defend me based on the policy, though they may not indemnify me. Meaning if the suit goes through, highly unlikely and more of a threat from the defendant, the umbrella will defend, though likely not fund, if a judgement happens. Interesting.

Good thing folks don't post any libelous or slanderous things on the Internet...

 

[Dash man]

Attorney said that having umbrella attracts more frivolous lawsuits



Curious....How would anyone know I had umbrella insurance?

If a lawsuit has already been filed, there is a discovery process that, I think, requires you to disclose your insurance coverage. But I’m not an attorney, so don’t hold me to it.
If no lawsuit has been filed, they wouldn’t know unless you or someone who knows you do leaks it.

 

[ExFlyBoy5]

I’m pretty sure ours does too after reading through it. Sometimes I’m just leery of the legalese that can be confusing.

Yeah, I think that is by design. I had to CALL them to get the complete policy. They have them available for a few years on-line, but they are usually just show any changes or updates to the original policy...which I could NOT find. I think that's a bit ridiculous since you can "chat" or send a secure message for almost anything else.

QUOTE=Dash man;2831942]

If a lawsuit has already been filed, there is a discovery process that, I think, requires you to disclose your insurance coverage. But I’m not an attorney, so don’t hold me to it.
If no lawsuit has been filed, they wouldn’t know unless you or someone who knows you do leaks it.

This varies between states (go figure), but in some places as soon as a petition is filed, you are required to disclose insurance information.

I have a couple of former law school buddies that work insurance defense. The "filing of frivolous" suits because someone "has umbrella insurance" is not really a thing. As a matter of fact, lawsuits are few and far between when it comes to insurance claims..almost all are settled out before anything is filed.

 

[ncbill]

I would be switching companies if my umbrella insurer dropped coverage for defamation.

 

[Fermion]

I wish you had to put up a bond before you filed a lawsuit such that the bond would pay the fees of the person you were suing if you lost.

 

[pb4uski]

Good thing folks don't post any libelous or slanderous things on the Internet...

But if you just think about posting libelous or slanderous things on the Internet does that count?

 

[wmc1000]

Umbrella policy has been dropping in price the last couple of years from $164 in 2020 to $104 in 2022. This years bill just came and it DECREASED by 25% going from $104 last year to only $76 this year for a 1M dollar policy!!!

 

[Rocket Man]

Umbrella policy has been dropping in price the last couple of years from $164 in 2020 to $104 in 2022. This years bill just came and it DECREASED by 25% going from $104 last year to only $76 this year for a 1M dollar policy!!!

What state are you in? I just paid my annual premium for our 1 mil. Umbrella. $271.00.

 

[wmc1000]

What state are you in? I just paid my annual premium for our 1 mil. Umbrella. $271.00.

South central Indiana

 

[F.I.R.E User]

Has anyone here ever had to use a claim?

 

[Stormy Kromer]

Really, I don't know how insurance companies can issue a $1,000,000 liability insurance policy for about $175 a year. When you take out underwriting and claims adjusting (defense) cost expense...and then reinsurance...there can't be 50 cents left in any premium dollar to pay those claims.

For one I am glad I can buy one to protect what I may have to lose for an affordable price.

I've never had a liability claim bit I know a couple of farm neighbors who have and are still farming their own land today because their independent agent made sure they had an adequate umbrella policy.