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 Posted: Mon Apr 07, 2008 12:08 pm Post subject: personal liability umbrella - the right choice??? |
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Friends..how beneficial is a personal liability umbrella? How do I qualify for it? Please help, McRDominique
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McRDominique
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| Posted: Mon Apr 07, 2008 12:32 pm Post subject: the key terms.. |
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hey there,
In order to obtain an umbrella policy, you would first need to have a fundamental policy in place. This fundamental policy could be in the form of an auto insurance or say a home owner's policy. Once you have this one, then it is easy to understand your umbrella policy - since the key terms of your fundamental cover would constitute the terms of your umbrella policy as well. The umbrella coverage would commence once the total extent of your fundamental policy gets used-up. It would also cover such a loss as would not be covered by the fundamental policy at all. Hope, things are a bit vivid right now!
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Stella_McCartney
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| Posted: Tue Apr 08, 2008 6:26 am Post subject: |
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There are certain costs associated with the legal cases which would be covered by it. The lagel claims costs which are not covered by your fundamental policy would be covered. Apart from all these certain bond-premiums & lost wages are also getting fed through these coverages. Hope thats good for all!
Bye for now.. Goody-the-meaty-one
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Goody-the-meaty-one
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| Posted: Tue Apr 08, 2008 6:34 am Post subject: |
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| Quote: | | There are certain costs associated with the legal cases which would be covered by it. |
Yes, I'd agree since there are certain lawsuits which seem truly costly these days. Remember, the fatal accidents that costs us the lives of our near-n-dear ones. Wouldn't such incidents happen at the most inopportune times ? Wouldn't such judgments invite costs which are quite beyond the underlying policies?
Think again.. Plasmahectic
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Plasmahectic
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| Posted: Tue Apr 08, 2008 11:22 am Post subject: |
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I belive too that you must carry (nearly if not totally) the highest (liability)limits allowed by the auto/home owners policys first in order to qualify for an umbrella...is that correct agents? Or is that just in my area?
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Lori
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| Posted: Tue Apr 08, 2008 2:09 pm Post subject: |
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Lori,
In most cases you're right, each carrier sets it's own minimum underlying limit requirements. Not always, but often the highest they offer. |
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Fishman
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| Posted: Tue Apr 08, 2008 3:07 pm Post subject: |
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txs fishman, i thought that was correct, but always good to check when an adjuster ventures into 'agent' territory!  
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Lori
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