No amount of insurance is enough when something “REALLY” catastrophic occurs! When given a choice – your money or your life – few will choose life! It is impossible to insure against all risk and Insurance Companies make a killing because of that fact which they artfully created!
I think the only thing that was artfully created was lawyers giving people the idea they can win the “lottery” by filing a frivolous lawsuit and uneducated juries awarding ridiculous punitive damages. (And I don’t mean uneducated in the negative way, I literally mean, someone who has not studied law.)
You can say it, most juries are not made of the brightest bunch. Lawyers typically pick a jury they believe they can manipulate. As most you probably know anyone with a job in insurance is a red flag and it is a good bet you won’t be picked. Also a graduate degree or any “professional” profession usually takes you out of the race.
An umbrella policy with limits high enough to cover assets and interests is key to liability protection. The largest percentage of claims dollars paid out on umbrella policies are for legal defense. What better protection in a frivolous lawsuit than a highly-trained law team hired by a national insurance company?
Spot-on, Daniel! As soon as I win the Publishers Clearing House sweepstakes, that is the first thing I’m going to do! Then I’ll worry about how to spend/invest the rest of it.
What better protection than a highly trained law team hired by a national insurance company? How much legal representation could you get for $10,000,000? Most dollars paid for umbrella claims are for legal defense.
Wealthy individuals seeking to protect their assets from frivolous lawsuits would be wise to add a legal service plan to their wealth management strategy. Legal service plans are recognized by the American Bar Association as an effective means of delivering high quality legal services to the public at moderate rates. In addition to providing indemnification against civil lawsuit, plans offer routine services such as will preparation, unlimited consultations, initial phone calls or letters, and discounted rates on almost any legal matter. Insurance professionals wanting to give the best possible protections and quality of service to their clients can include legal service plans as part of their overall product offerings.
Don’t forget to include uninsured/underinsured motorist on your umbrella. And if you are doing a $5 million umbrella, make sure the uninsured/underinsured is also $5 million. Some companies don’t offer this option, so you have to ask.
@Daniel – You are either ill informed, or you have the wrong policy. But carriers like Chubb, FF, ACE, AIG, & PURE all have separate defense coverage expense from the liability portion of the umbrella. This is not the case for your direct writer and many other carriers. It pays to read the policy.
And, my comment states: “The largest percentage of claims dollars paid out on umbrella policies are for legal defense.” It makes no mention of defense within limits or outside of limits!
No amount of insurance is enough when something “REALLY” catastrophic occurs! When given a choice – your money or your life – few will choose life! It is impossible to insure against all risk and Insurance Companies make a killing because of that fact which they artfully created!
I think the only thing that was artfully created was lawyers giving people the idea they can win the “lottery” by filing a frivolous lawsuit and uneducated juries awarding ridiculous punitive damages. (And I don’t mean uneducated in the negative way, I literally mean, someone who has not studied law.)
You can say it, most juries are not made of the brightest bunch. Lawyers typically pick a jury they believe they can manipulate. As most you probably know anyone with a job in insurance is a red flag and it is a good bet you won’t be picked. Also a graduate degree or any “professional” profession usually takes you out of the race.
An umbrella policy with limits high enough to cover assets and interests is key to liability protection. The largest percentage of claims dollars paid out on umbrella policies are for legal defense. What better protection in a frivolous lawsuit than a highly-trained law team hired by a national insurance company?
Spot-on, Daniel! As soon as I win the Publishers Clearing House sweepstakes, that is the first thing I’m going to do! Then I’ll worry about how to spend/invest the rest of it.
What better protection than a highly trained law team hired by a national insurance company? How much legal representation could you get for $10,000,000? Most dollars paid for umbrella claims are for legal defense.
This is why working with a local competent insurance professional is far more intelligent then calling an 800#.
Wealthy individuals seeking to protect their assets from frivolous lawsuits would be wise to add a legal service plan to their wealth management strategy. Legal service plans are recognized by the American Bar Association as an effective means of delivering high quality legal services to the public at moderate rates. In addition to providing indemnification against civil lawsuit, plans offer routine services such as will preparation, unlimited consultations, initial phone calls or letters, and discounted rates on almost any legal matter. Insurance professionals wanting to give the best possible protections and quality of service to their clients can include legal service plans as part of their overall product offerings.
Caution is the best insurance. Don’t flaunt it. Live below your means.
Why does a dog lick its, er, tail? Because he can.
Don’t forget to include uninsured/underinsured motorist on your umbrella. And if you are doing a $5 million umbrella, make sure the uninsured/underinsured is also $5 million. Some companies don’t offer this option, so you have to ask.
@Daniel – You are either ill informed, or you have the wrong policy. But carriers like Chubb, FF, ACE, AIG, & PURE all have separate defense coverage expense from the liability portion of the umbrella. This is not the case for your direct writer and many other carriers. It pays to read the policy.
Stan I was referring in general. I have read the policies, jerk.
And, my comment states: “The largest percentage of claims dollars paid out on umbrella policies are for legal defense.” It makes no mention of defense within limits or outside of limits!