Liability Umbrella Insurance | TigerDroppings.com
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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3353 posts

Liability Umbrella Insurance

Has anyone ever made a claim on their Umbrella Liability Insurance? The policy covers a certain amount of liability above underlying coverage (home and auto, etc). So what is a typical lawsuit event that may occur and trigger this?

In other words, if a maximum judgement is close to $1 million, there wouldn't be much value in carrying $2 million worth of umbrella coverage. This seems even more important or at least as important as the value of the assets you are trying to protect.

Along the same lines, even if you only have ~$300,000 of net worth to protect, it might be worth carrying a $1 million umbrella policy.

For what it's worth, my policy carries $1 million of liability protection beyond underlying home/auto insurance and only costs $201 per year. It's been so long that I don't even remember my reasoning for selecting this amount of coverage.


wickowick
LSU Fan
Head of Island
Member since Dec 2006
27290 posts

re: Liability Umbrella Insurance
What is more important than the coverage is the lawyers that the coverage brings...


LSUnGA
LSU Fan
Buford, GA
Member since Jun 2009
1479 posts

re: Liability Umbrella Insurance
We got a million dollar policy as soon as our teenage son starting driving, pretty cheap for the piece of mind.


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LSUwag
USA Fan
St Augustine Beach
Member since Jan 2007
7596 posts

re: Liability Umbrella Insurance
I have one. It is worth the coverage and piece of mind.


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Slickback
New Orleans Pelicans Fan
Deer Stand
Member since Mar 2008
26527 posts

re: Liability Umbrella Insurance
At the mid-sized agency that I worked at, we had multiple claims on umbrella policies in the 4 years I was there.


imagine you hit a guy hit on a MC and permanently disable him or kill him, leaving a family behind. You'd want the $1.25mm or $2.5mm of coverage. Especially if you are a public figure or someone in a high-paying field.


Athanatos
Vanderbilt Fan
Baton Rouge
Member since Sep 2010
6748 posts
Online

re: Liability Umbrella Insurance
If you disable someone, you won't get the piece (sic) of mind the above posters seek with only $2.5 MM excess of primary. Especially not if you are %100 at fault.


tirebiter
LSU Fan
ATL
Member since Oct 2006
5337 posts

re: Liability Umbrella Insurance
quote:

Especially not if you are %100 at fault.


Or if you are impaired, whereas the coverage drops to 0.


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Slickback
New Orleans Pelicans Fan
Deer Stand
Member since Mar 2008
26527 posts

re: Liability Umbrella Insurance
quote:

If you disable someone, you won't get the piece (sic) of mind the above posters seek with only $2.5 MM excess of primary. Especially not if you are %100 at fault.



Correct, but you will protect your assets. It won't give you peace of mind, but at least your wife and kids won't be out on the streets.


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BestBanker
LSU Fan
stuck in a moment
Member since Nov 2011
3990 posts

re: Liability Umbrella Insurance
Thank the Good Lord that I have never had to make use of our umbrella coverage! Just like my disability income coverage, I pray it never has to be used. That said, protect your assets, to iclude your income from garnishment, and maintain a high level of excess liability coverage.


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