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Old 08-04-2016, 13:08   #1
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Comprehensive personal liability

OK, so this has been discussed tons of times. But, I thought the general advice was to purchase and "umbrella" policy.

Ok, so I have one from Geico was talking to them today. A homeowners policy covers let's say general liability if you say trip someone in an airport to you say repair the kids swing in Georgetown and it breaks, etc.

I reckoned my umbrella gave the same coverage, BUT Geico told me today if you don't have a homeowners providing some existing coverage you have no general liability coverage under the umbrella?

IDEAS???
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Old 08-04-2016, 13:30   #2
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Re: Comprehensive personal liability

For most insurers this is true, the umbrella only extends the liability cap on underlying policies an/or plugs any coverage gaps that may occur in the underlying policy(ies).

In the US there are a couple of insurers (RLI, USLI) that will write a personal liability policy with no requirement for an underlying policy. They do have requirements, including minimum coverage amounts, if you do have homeowners/boat/etc. policies. If you have none of the above then their insurance covers you down to zero, but if you do own a home then it covers like a traditional umbrella. Costs more, but if that's what you need...

Do you really have zero physical assets (home, boat, car) that require liability insurance, and yet have enough other assets that you need liability insurance protection? Just having car or boat liability insurance is usually enough to get an umbrella.
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Old 08-04-2016, 13:34   #3
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Re: Comprehensive personal liability

If I recall- Umbrella coverage is in addition to some other basic policy. My Umbrella coverage requires $300000 liability and the Umbrella would be for coverage in excess of the basic coverage. If you have Boat liability, then your umbrella would cover in excess of the basic coverage. Best to talk to an ins agent.--Tim
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Old 08-04-2016, 13:45   #4
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Re: Comprehensive personal liability

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Originally Posted by Boatguy30 View Post
OK, so this has been discussed tons of times. But, I thought the general advice was to purchase and "umbrella" policy.

Ok, so I have one from Geico was talking to them today. A homeowners policy covers let's say general liability if you say trip someone in an airport to you say repair the kids swing in Georgetown and it breaks, etc.

I reckoned my umbrella gave the same coverage, BUT Geico told me today if you don't have a homeowners providing some existing coverage you have no general liability coverage under the umbrella?

IDEAS???
I'm really surprised anyone would issue you an umbrella policy without an existing policy or policies. An umbrella policy is an excess liability policy. It is designed to extend coverage above what your individual policies cover.

For example, you might have 500K liability coverage on your home, autos and boat (three separate policies). The umbrella or excess liability policy covers awards in excess of $500K on any of those policies. It's less expensive than having higher coverage on all of these policies.

Check with your agent to understand what your policy is and what it covers.
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Old 08-04-2016, 19:45   #5
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Re: Comprehensive personal liability

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I'm really surprised anyone would issue you an umbrella policy without an existing policy or policies. An umbrella policy is an excess liability policy. It is designed to extend coverage above what your individual policies cover.

...
Yes, thats unusual, though there are some that will, but their requirements can be a pain.

Also, the premiums on personal umbrella policies are typically low, so a broker is not going to get real excited about selling you one unless you have other coverage thru the same broker.
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Old 08-04-2016, 20:14   #6
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Re: Comprehensive personal liability

To clarify, I own several residential properties. The one I happen to live in is not considered insurable. I do have a liability policy on the property but this only covers risk within the property lines. So there I am. Maybe I need to buy a little tiny house in Oklahoma or something and get a homeowners policy on it?
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Old 08-04-2016, 20:23   #7
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Re: Comprehensive personal liability

My insurance company (also covering my home and automobile) providing comprehensive liability is very concerned that my boat is insured. It requires me to submit evidence every year, insured by a different company.
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