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Thread: Umbrella policy

  1. #1
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    Umbrella policy

    I've heard of people saying (if your going to carry a gun, you need a million dollar insurance policy)
    Any of you have this?
    With all the sue happy people, it sounds like a good idea.

  2. #2
    Regular Member david.ross's Avatar
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    Quote Originally Posted by Matt2908 View Post
    I've heard of people saying (if your going to carry a gun, you need a million dollar insurance policy)
    Any of you have this?
    With all the sue happy people, it sounds like a good idea.
    It's just a good idea to have personal insurance no matter what. People are lawsuit happy, you should look in to it. Try with your home insurance company, they often have coverage available.
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  3. #3
    Campaign Veteran skidmark's Avatar
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    The problem with umbrella tort insurance policies is that they, like most insurance, will not cover intentional acts. It's like malpractice insurance - if you can show that what you did was a tragic but unintended consequence of trying to follow all the best practices (the Four Rules in this case, mostly) then you may be covered. But you will never get coverage for anything related to intentionally shooting the BG. So what you are buying is coverage for that stray bullet, with no guarantee that you actually will be covered in most of the situations you might encounter.

    There are several outfits that sell membership in a legal services scheme - you buy a "policy" that promises to get you an attorney if you are arrested who will deal with the arrest issues, and then a referral to a criminal defense attorney who may have offered "special rates" to policy holders - in spite of the fact that price fixing is a violation of the Canon of Ethics. In today's housing market there might not be enough equity in your home, your parents' home, and your grandparents' homes to cover the cost of something like the Dream Team OJ Simpson had. All you can be sure of is that you can get the best legal representation you can afford.

    All that being said, it helps to remember that most of the time we should be facing a trial in which we go in pleading guilty! "Yep, I shot that sucker. Meant to stop him in his tracks, and his dying sure made sure my goal was reached. Of course, I'm also claiming that my killing him is excusable under the circumstances, and that me killing him was justified based on his actions." (Folks seem to forget that most of the time.)

    stay safe.
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  4. #4
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    Quote Originally Posted by Matt2908 View Post
    I've heard of people saying (if your going to carry a gun, you need a million dollar insurance policy)
    Any of you have this?
    With all the sue happy people, it sounds like a good idea.
    Im an insurance agent. Umbrellas are good policies if you have accumulated assets that need to be protected. They are excess liability policies. It is hard to say whether any gun-related claims would be covered because there are too many variables and every scenario could be different. But umbrella policies are cheap and worth having! And not just for gun stuff. What if you caused an auto wreck where multiple people had serious injuries? You would likely very quickly exhaust your auto policy liability limits and then be personally on the hook for the rest, putting any assets in danger. Or if your kid's friend somehow got badly injured while playing on your property? You can usually get $1 mil in coverage for around $150-300 per year, depending.
    "I believe that a person's moral compass can be determined by how he references free men the right to defend themselves." - Ted Nugent

  5. #5
    Regular Member moonie's Avatar
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    My wife is in the insurance industry, we have several girls that will start driving within the next few years. We have a $1M umbrella, we would be unable to get it if we waited until they started driving first.

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