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Message
re: Umbrella Policy Advice
Posted on 12/11/18 at 1:21 pm to Fat Bastard
Posted on 12/11/18 at 1:21 pm to Fat Bastard
I got quoted a policy of about 240/yr for 1 mil by USAA. I feel like that isn't too bad at all, at least for the peace of mind.
I'm not exactly wealthy, but it would help keep me from losing my house should I be responsible for some six car pileup on 85, etc. that exceeds my current liability coverage. Plus whatever risk I have sitting on a municipal authority board.
I'm not exactly wealthy, but it would help keep me from losing my house should I be responsible for some six car pileup on 85, etc. that exceeds my current liability coverage. Plus whatever risk I have sitting on a municipal authority board.
4
Posted on 12/11/18 at 3:06 pm to SM6
quote:
I got quoted a policy of about 240/yr for 1 mil by USAA.
i pay 183 a year. that is a good deal you have.
insurance like that is totally worth it. gives you a second line of defense and their lawyers will fight for you if you are sued.
Posted on 12/12/18 at 7:25 am to SM6
quote:
Plus whatever risk I have sitting on a municipal authority board.
Check with your agent on whether your HO and umbrella would cover that.
quote:Could be similar exclusions for government positions. It's worth checking if this is a major reason to get the umbrella.
Personal umbrella insurance typically doesn't cover other business-related liabilities such as a malpractice lawsuit, or losses in connection with your paid position as an officer or member of a governing board of a for-profit organization.
Allstate: What is Generally Not Covered By a Personal Umbrella Policy?
Most municipalities provide a defense and indemnity to police, councilmen, zoning officials, etc. if they are sued for acts taken in the course of their duties. Otherwise, fewer smart people would be willing to take the jobs.
Posted on 12/12/18 at 2:27 pm to SM6
quote:
Plus whatever risk I have sitting on a municipal authority board.
You should be covered by the government here. You should absolutely look into this.
Most boards have their own insurance for things like E/O.
Posted on 12/17/18 at 5:28 pm to SM6
quote] Plus whatever risk I have sitting on a municipal authority board.[/quote]
From the Allstate link,
"Personal umbrella insurance typically doesn't cover other business-related liabilities such as a malpractice lawsuit, or losses in connection with your paid position as an officer or member of a governing board of a for-profit organization. "[
From the Allstate link,
"Personal umbrella insurance typically doesn't cover other business-related liabilities such as a malpractice lawsuit, or losses in connection with your paid position as an officer or member of a governing board of a for-profit organization. "[
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