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BoatPI
09-07-2004, 07:37 PM
This might be a good time to pull out that policy and review the coverage, or lack of. Just look at the losses in Florida. Todd www.Boatman.com i s in Florida for a few weeks. Working what will be thousands of claims for boat losses.
Then the Topock incident, and how about the many others we read on Sandbar or HB West
Pay special attention to the liability section. Oh, you say it is $100,000.
Do you own a house? And you think the $100 G will cover you? How about that $200 G medical bill and that $200G DCB or other Hi po boat you slamed into. Think again.
Call you agent and discuss you policy limits. And when you make a claim, be honest and as accurate as you can. Keep a disposble camera on the boat for photos after that unexpected "accident".
These are "Warning Bells".

C-2
09-07-2004, 08:09 PM
My $250 per year, $1,000,000 umbrella makes me sleep a little easier at night.
Especially since it also covers libel, slander, and assault. Enough ammo to become a bigtime internet toughguy :jawdrop: :jawdrop:
Seriously though, umbrella's really are "cheap" insurance.

Mohavekid
09-07-2004, 08:31 PM
My $250 per year, $1,000,000 umbrella makes me sleep a little easier at night.
Especially since it also covers libel, slander, and assault. Enough ammo to become a bigtime internet toughguy :jawdrop: :jawdrop:
Seriously though, umbrella's really are "cheap" insurance.
Good advice here, and umbrella policy is very cheap compared to your primary policy and a good investment in peace of mind.
Just and FYI, most umbrella policies provide Personal Injury coverage which will provide defense coverage for claims of libel and slander. There are exclusions which preclude coverage if in fact you do print libelous material or utter slanderous words. The bottom line is, if you did slander or libel someone and it can be proven, there is no coverage.

C-2
09-07-2004, 08:44 PM
Mohave
I've often wondered about this and you seem like the man to answer.
So if you are sued for libel, is there an automatic defense tendered by the policy? And say if you lose the case - the policy doesn't cover the judgment, or the judgment and defense costs?
I know in most E/O policies, they don't cover punitive damage awards, but you are still tendered a defense.
Any thoughts or knowledge on this?
Thanks, :)

dc96819
09-07-2004, 10:21 PM
My $250 per year, $1,000,000 umbrella makes me sleep a little easier at night.
Especially since it also covers libel, slander, and assault. Enough ammo to become a bigtime internet toughguy :jawdrop: :jawdrop:
Seriously though, umbrella's really are "cheap" insurance.
What insurance carrier do you have and what kind of boat

C-2
09-07-2004, 10:52 PM
What insurance carrier do you have and what kind of boat
95 21' Hallett 210 454 Mag/365HP
State Farm.
Home w/pool, cars and boat all wrapped by umbrella

Mohavekid
09-08-2004, 05:30 PM
Mohave
I've often wondered about this and you seem like the man to answer.
So if you are sued for libel, is there an automatic defense tendered by the policy? And say if you lose the case - the policy doesn't cover the judgment, or the judgment and defense costs?
I know in most E/O policies, they don't cover punitive damage awards, but you are still tendered a defense.
Any thoughts or knowledge on this?
Thanks, :)
C-2,
You're basically correct. If you have the attitional PI coverage, defense for libel and slander are covered. If the claims against you for libel and slander and proven to be true by a jury and court judgement, there would be no coverage to indemnify you for the amount of the judgement.
Punitive damages are a different story all together, as they are precluded from insurance coverage by Insurance Code 533. The intent of punitive damages being to punish the wrongdoer for the action. If the punitive damages were insurable, that would lessen the benefit to society by punishing the wrongdoer.
That being said, the vast majority of libel/slander cases (probably 99%) are settled prior to trial because of the tremendous expense of litigating these types of cases and the very volitile nature of the outcome.
Hope you never need to know this stuff on a personal level.