Author Topic: Umbrella Insurance Policies?  (Read 2328 times)

Jurgis

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Re: Umbrella Insurance Policies?
« Reply #10 on: December 18, 2019, 09:09:33 AM »
Of course there's another argument.  If you're so worried about some loss scenario and spending tens of thousands to break apart your estate then maybe it's worth off loading the car accident risk by hiring a company to drive you around and let them assume the risk.  Or maybe purchase a tank or armored vehicle.

Go Oddball!  ;D



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DooDiligence

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Re: Umbrella Insurance Policies?
« Reply #11 on: December 18, 2019, 09:35:37 AM »
^There seem to be specific risk factors versus personal liability and insurers may not use a granular approach to underwriting which means that you may end up with a very good deal in terms of risk sharing. The deal is even better if you own a dog or a trampoline.

A big risk factor though is related to driving (including having teenage drivers in the household). There are firms specializing in 'recruiting' plaintiffs and they are quite good at spotting opportunities. Because of the different legal environment and because I live in a jurisdiction where there is a public mandate for 100% no-fault coverage related to motor vehicle accidents (this may seem unbelievable to some and I'm not saying this is the way to go but, under this system, the individual 'victims' do not have the possibility to initiate legal proceedings against the person responsible for a traffic accident) {this is like applying the universal basic income principle to car liability litigation}. So, when we go to the US, we call our insurance company and ask for a temporary multiplication of our umbrella protection.

I would be careful with helicopter parents and their over-protected kids as the 'injury rate' may not be all that different but their propensity to sue surely is.

That's it, I'm getting a dog & a trampoline.

https://youtu.be/rvLMcBzF-Mk

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Cigarbutt

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Re: Umbrella Insurance Policies?
« Reply #12 on: December 18, 2019, 10:10:05 AM »
That's it, I'm getting a dog & a trampoline.
...
Nice videos.
We've had a trampoline for about 15 years and the annual incidence of injuries (all relatively minor until now) is, on average 2 per year. Before you call the child protection agency, let me emphasize that we use a net around the device and basic instructions have been laid out to all potential participants. Incidentally, last fall, we had some kind of a mini-tornado and the trampoline ended up vertically stuck in the electric wiring, lining the back of our yard.

In the US, in 2015, there were more than 295,000 medically treated trampoline injuries, according to the Consumer Product Safety Commission. So, don't underestimate the potential liability from trampoline use!  :)

Spekulatius

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Re: Umbrella Insurance Policies?
« Reply #13 on: January 04, 2020, 01:10:30 PM »
Quote
An umbrella policy seems like a cheap way to get a team of free defense attorneys.

Thatís exactly what the crux of wisdom is. Get an umbrella policy is ~ to your assets and you should be ok. Actually most are Ok with $2M umbrella policy because attorneys wonít know your assets in most cases and go for the easy settlement first.
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