On Jan 20, 3:51*pm, Don <dwz...[at]telus.net> wrote:

- quote -

My State Farm agent suggested a $1 million umbrella policy when I
asked to extend my liability coverage on my automotive and homeowners
policy.

A seminar I attended on setting up a small business recommended that
when forming an llc, that a million dollar policy should be in place,
because without it, the llc may not protect your personal assets.

--
Ron

"John A. Weeks III" <john[at]johnweeks.com> wrote in message
news:john-892232.21201819012008[at]sn-radius.vsrv-sjc.supernews.net...
- quote -


I worked for several years as a claims adjuster and still
maintain an ownership interest in an independent claims
adjusting office. I've seen it all. If you seriously think
that $300,000 is enough coverage, then you'd better start
thinking what you're gonna do when you hit the coverage limits.

- quote -

There's a recipe for a bad-faith lawsuit if I ever saw
one. I've heard of this happening, but was never involved
in a claim where this was done.

The following site lists some things where you'd likely
have a good chance at a "Bad Faith" cause of action against
your insurance carrier:

http://www.badfaithinsurance.org/ref...eral/0122a.htm

Pay attention to item #50:

"50. Insurer refusal to settle a third party claim against an insured
within the limits of the insured's policy thereby exposing the insured
to additional liability."

At least, on the surface, they have to attempt to settle within
the limits of the policy. They can't just cut a check and say
"See ya, wouldn't want to be ya!" and let you deal with the
mess they've left behind.

If some carrier tried that with me, you'd be for sure that
I'd be slappin' 'em with a *huge* Bad Faith suit.

***

Anyway, back to the point: We're off by at least an order
of magnitude -- no way, no how, would I be without at least
$3,000,000 in coverage. 10 times the above discussed $300,000.

It's cheap.

Do it.

On Jan 21, 10:41*am, "tex shalter" <a...[at]invalid.com> wrote:
- quote -

Its not an apples to apples comparison. Umbrella policies are not
confined to automobile related incidents only (hence the name
"umbrella").

On 2008-01-21 09:01:09 -0800, "rick++" <rick303[at]hotmail.com> said:

- quote -

In a state where I used to live, I was told this: If a burglar tries to
break in your house and you shoot him dead, you should be sure to pull
the body in the front door or somehow get it inside the house before
the police arrive. The law says it is OK to kill an intruder who has
actually entered the house, but not one who is still outside in the
process of trying to get in. I do not know whether this is really true
or in how many places it applies.

On Jan 19, 9:35 pm, Don <dwz...[at]telus.net> wrote:

- quote -

Reminds of a black joke in a large Asian country that goes as
if you are in a accident, be sure the victim is dead.
The courts int that country would just make you pay funeral
expenses rather than more expensive recovery costs.
And there are ancedotal stories about cars returning to
run over the victim a couple more times to be sure.

Thanks for all the advice. Being MLK day I can't contact my insurance agent.

Guess I'll see which premium is more practical between increasing auto
"bodily injury" to 1 mil. on the 4 cars, or getting umbrella policy.

Doug said it best:
"an umbrella policy makes sense for everyone except two classes of people.
One class is those with little or no attachable assets. The other class is
those with enough assets that any likely judgment would not hurt them."

"Elizabeth Richardson" <erichktn[at]worldnet.att.net> wrote in message
news:AGQkj.464344$kj1.118549[at]bgtnsc04-news.ops.worldnet.att.net...
- quote -

Actually, I believe most insurance policies will pay for
reconstructive plastic surgery, especially if a result of trauma or if
needed for mobility.
--
Chris Cowles
Gainesville, FL

"tex shalter" <anon[at]invalid.com> wrote:

- quote -

In my opinion, an umbrella policy makes sense for everyone except two classes of
people. One class is those with little or no attachable assets. The other
class is those with enough assets that any likely judgment would not hurt them.
-- Doug

"Will Trice" <wtrice[at]notmonitored.com> wrote in message

- quote -

All the better to know when the roads are unsafe.

- quote -

Well, if you're relying on your health insurance, what happens if you need
plastic surgery, and you might if your face gets cut, or you find you need a
scar revision to increase mobility of an arm or leg. Most health insurance
would not cover such procedures. That's one example where I think you might
want to have additional underinsured coverage. I'm sure there are others.

Elizabeth Richardson

On 2008-01-20 08:11:13 -0800, "Elizabeth Richardson"
<erichktn[at]worldnet.att.net> said:

- quote -

Another thing to keep in mind is that liability coverage is not too
expensive, relative to other kinds of coverage. One million coverage
does not cost a whole lot more than $300,000 coverage costs, and 5
million is not a lot more than 1 million. For some reason that I have
never quite understood, insurance agents do not often mention that
fact. Some agents have written up policies for me for $300,000 (both
auto and homeowner policies), and when I asked for 1 million or more,
they seem to beat around the bush and make out that $300,000 liability
coverage is enough.

Elizabeth Richardson wrote:

- quote -

Don't you live in Alaska?!

- quote -

Does this presume that the insured does not have health insurance?

-Will

william dot trice at ngc dot com

John A. Weeks III wrote:

- quote -

I'm reading the original message to say that instead of the umbrella
policy, he would increase his auto insurance coverage only to be above
the current 300k.





Brian

--
If televison's a babysitter, the Internet is a drunk librarian who
won't shut up.
-- Dorothy Gambrell (http://catandgirl.com)

In article <2008011917550450073-dwzimm[at]telusnet> ,
Don <dwzimm[at]telus.net> wrote:

- quote -

True but you can bet that the insurance company will put a better lawyer
on the case if they have $1M to lose than if they only have $300K to lose

"Don" <dwzimm[at]telus.net> wrote in message
news:200801192035258930-dwzimm[at]telusnet...
- quote -

Well, I suppose, yes, if you're stupid enough to be driving on icy roads.

But while you're looking at insurance, be sure to look at your
uninsured/underinsured motorists insurance. If the guy who hits you has
$50k, and your underinsured insurance is $50k, you'll get the $50k from his,
but your insurance company will pay nothing. If you're really hurt, how far
do you think $50k will go?

Elizabeth Richardson

On 2008-01-19 19:20:38 -0800, "John A. Weeks III" <john[at]johnweeks.com> said:

- quote -

But high income people like lawyers don't walk along icy roads!

No, seriously, I agree that $300,000 is far too little. He should have
1 million at the very least, for better peace of mind, 5 million.

In article <2008011917550450073-dwzimm[at]telusnet> ,
Don <dwzimm[at]telus.net> wrote:

- quote -

First off, accidently killing a high income earning person is certainly
going to lead to a judgment that far exceeds $300K. A good attorney
might earn that much in a single year. Second, the insurance company
is likely to throw in the policy (ie, write a check for the $300K and
cut the client loose). As a result, I still advocate that $200 a year
is a good way to help keep the insurance company in the game.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

On 2008-01-19 12:32:54 -0800, "John A. Weeks III" <john[at]johnweeks.com> said:

- quote -

If I am not mistaken, the insurance company takes care of all the court
proceedings, including payment of the lawyer. Only if the judgment is
against him and it exceeds $300,000 does he have to worry about payment.

On Jan 19, 10:43*am, "tex shalter" <a...[at]invalid.com> wrote:
- quote -

I think you should be sued for at least as much as you have to lose...
i.e., at least for the total value of your assets. Think of it not
only as insurance to pay a lawsuit if you lose, but also to defend
you.

Dave

In article
<8kpkj.457248$kj1.442262[at]bgtnsc04-news.ops.worldnet.att.net> ,
"tex shalter" <anon[at]invalid.com> wrote:

- quote -

If you accidently slide on the ice and hit and kill a lawyer, how
far do you think $300,000 will take you. Will that even be enough
to hire attorneys to defend you in court, let alone a settlement
to cover the guy's lifetime earnings? It boils down to the question
if $200 a year is too much to protect you in the event of a one in a
million disaster that wipes out your life's earnings. I took the
insurance, one of the very few insurances that I do carry.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

My insurance company is pushing me to get this. Any comments welcome ?
Currently I have 3 policies (1 home, 1 small cabin, 4 cars-4 drivers) all in
NC

Would it make more since increasing liability on auto policy above $300,000.
I can't see being sued too much on my property but possibly in a auto wreck.