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 Posted: Sat May 19, 2007 6:19 pm Post subject: Umbrella insurance advantage & disadvantage |
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Day by day active members are increasing and this community is becoming popular in insurance community. I am glad to say that I am also a part of this community. 
Lets play one more game about Umbrella Insurance
Need for Umbrella Insurance
Your car rolls into your neighbor's house after slips out of gear.
Some neighbor's child get bite from your dog
A fire in your condo spreads to other unit
This are the few points umbrella insurance is taking care of. Add more points and rotate the game.
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Macmilan
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Joined: 17 May 2006
Posts: 211
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| Posted: Tue Jun 12, 2007 7:34 pm Post subject: |
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I LIKE GAMES!
Need for Umbrella Insurance......
A DRUNK DRIVER HITS AND KILLS SOMEONE, THAT DRUNK DRIVER JUST LEFT YOUR SUPERBOWL PARTY!
It would not be a good situation if something like this was to take place. If you care about your clients, friends and family, talk to them about being properly insured.
Lets keep this list going, it's always a good idea to have: "why you need umbrella insurance."
THANKS!
AGENT CLINT
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AgentC
Full member
Joined: 06 Jun 2007
Posts: 53
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| Posted: Fri Sep 25, 2009 12:15 pm Post subject: insurance |
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advantage & disadvantage of reinsurance in nigeria
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kayode
Guest
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| Posted: Fri Sep 25, 2009 2:44 pm Post subject: |
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Attorneys.
99.9% of claims would easily be settled within normal policy limits if attorneys didn't get involved in insurance settlements.
Macmilan, based on the title of your post it appears you feel there are some potential disadvantages of umbrella liability policies? I'd love to hear and example or two. |
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Fishman
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Joined: 04 Apr 2008
Posts: 143
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| Posted: Sat Sep 26, 2009 12:03 pm Post subject: insurance |
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| ( I asked this in another post..) An 'Umbrella' policy....means.....what? I'm not 'clear' to what this would cover. Is this like 'extra' Insurance, etc? |
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sdchargersfan
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Joined: 21 Aug 2007
Posts: 1505
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| Posted: Sun Sep 27, 2009 10:26 pm Post subject: |
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chargersfan,
An Umbrella policy provides an additional limit of liability coverage, usually 1to 5 million, which acts as a sort of reserve over and above the liability on your underlying policies. So, if a claim against your auto or home policy were to exceed that policy's limit, you would have the additional 1 million available to settle the claim. |
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Fishman
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Joined: 04 Apr 2008
Posts: 143
45.31 Dollars($)
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| Posted: Tue Sep 29, 2009 4:35 am Post subject: insurance |
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| Thanks, FISHMAN.....pretty clear to me. Is this something (I'm assuming..) you have to purchase seperately? It doesn't sound like it's something you AUTOMATICALLY have on your policy. |
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sdchargersfan
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Joined: 21 Aug 2007
Posts: 1505
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| Posted: Tue Sep 29, 2009 5:27 pm Post subject: |
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Disadvantages.... premium cost and that 99.99% of people probably don't need an Umbrella policy.
Advantages... I think they are obvious.
I've brought this up before and it's a little controversial but liability amounts should be obtained to protect the insured... not to only to address other peoples losses. If you're living in an apartment and living paycheck to paycheck you probably don't need an Umbrella policy. That is not to say you can't cause a $1 million loss... it's just that lacking $1 million in coverage the other party will settle for your limits anyway. On that same note, everyone also needs to protect themselves by having correct 1st party coverage. Don't rely on other people being responsible for the loss they cause. |
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tcope
Forum Expert
Joined: 22 Nov 2006
Posts: 2779
Location: Salt Lake City, UT
248.00 Dollars($)
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