"Gene Kearns" wrote in message
...
On Mon, 16 Jul 2007 18:21:12 -0400, "JimH" ask penned the
following well considered thoughts to the readers of rec.boats:
"Hamish" wrote in message
hlink.net...
I am in California. I just got the renewal bill for my personal umbrella
policy, and the "Important Notice" brochure that always comes with it
said,
"The definition of insured is revised so that a person or organization
using an insured's auto, RV or watercraft is no longer covered." So,
when
I let a valet park my car, he's not covered. If I loan my car to a
friend,
relative, or neighbor, they're not covered. If my ski boat was running -
it isn't right now - and I let a friend drive it to tow me, he's not
covered. (Yes, I know that my "underlying" car insurance covers them up
to
the limits of that policy, but those limits are only enough to pay for a
stubbed toe.)
I called my agent and she was totally unaware of the change, and asked
me
to fax her a copy of the brochure. Then, once she called the
underwriters, she still seemed unconcerned. She was happy to quote me
the
increase in premiums to bring each of my car polcies up to the same
limits
that were formerly covered by the Umbrella. An additional $206 per
year.
I will pay the money, because I own a home and it is vital that I remain
insured up to a high limit.
I have taken the trouble to write this post because I think that a lot
of
other people will fail to read the "Important Notice" (the brochure is
17
pages long), will simply write the check like they do every other year,
and will end up with a big gap in their coverage. And their insurance
agent won't take the trouble to call them or write them a personal
letter
telling about the big gap that just opened up in their coverage. So,
look
out! And warn your friends.
Ham
1. The valet company should have their own insurance.
*You* pay insurance premiums to make sure *you* are covered. Don't
assume that anybody else has you covered (they don't, though they may
try to indemnify themselves). If you have to take them to court, be
sure that you can afford all of the justice that you feel you are
entitled to....
2. Don't loan your car or boat to anyone outside your family.
Ok, I'll buy that, but it doesn't cover any non-loaner legitimate use
of your vehicle. Boats? Marina re-positioning your boat to another
slip (see? says they can do it in the lease agreement..... Personal
injury? You have a dangerous boat! Damage? See no evil, hear no
evil...... see #1 above)
3. Why should the insurance company cover anyone but you and your family?
Because there *are* no-loaner issues to be dealt with....
So what is the big deal?
You have equity that other people want.... it really is a BIG DEAL!
--
Grady-White Gulfstream, out of Oak Island, NC.
Homepage
http://pamandgene.idleplay.net/
Rec.boats at Lee Yeaton's Bayguide
http://www.thebayguide.com/rec.boats
I think folks here, including you Gene, are forgetting the main point. We
are talking about the umbrella (general liability insurance extending past
the upper limits of the main policy), not the main policy itself on the cars
or boat. If damage is done to the the car or boat by a 3rd party driving
them, the main policy will cover the damages if the 3rd party is not
insured. If however, that 3rd party kills someone while driving the car or
boat *they * will be responsible for all claims against them, not the owner
of the vehicle and actual insured.
Why should the insurance company extend *liability* coverage to a 3rd party?