Umbrella Policy?

[woodscrew]

Does anyone know if there are any companies offering umbrella policies for “homeless” live aboards? We had one through our homeowners policy but no longer have a dirt home. Currently have a million dollars liability on the boat, and also on our two vehicles. I checked with Chubb (our boat insurer) about upping our liability coverage and they said no can do. Used to be a million would be comfortable but it ain’t much against the kind of settlements that are regularly handed down these days. Any help greatly appreciated.

 

[IRENE]

Geico sells an umbrella policy from RLI insurance that fits the scenario you describe. There was a reasonable and brief screening process to determine eligibility. It is inexpensive; we just renewed ours.

 

[tiltrider1]

https://www.trawlerforum.com/forums/s62/umbrella-policy-67582.html

 

[DavidM]

I had an umbrella when we cruised full time. It covered losses incurred over the base policy limits. I don’t recall what the base policy was called but it was liability only with a limit of a few hundred thousand. I got both from StateFarm.

You will have better luck buying the base and umbrella from the same carrier.

David

 

[Action]

You will have better luck buying the base and umbrella from the same carrier.

David

I believe most of the time that is the only way to get an umbrella.

 

[Bacchus]

I believe most of the time that is the only way to get an umbrella.

Erie Ins allows base insurance by others but charges a Fee on top of the policy$ if they don't hold the base policy. In one situation I had they wanted nearly the cost of the umbrella policy if they didn't write the base policy ( even though the base insurance met the min $ amount of liability)

 

[Crux]

An exposure might exist with 'uninsured bodily injury coverage'.
A typical coverage limit might be 300/100/300...with 100k being the medical limit.

While you may be safe with liability limits (even if you're at fault and total a a few Teslas!)....but with hospital costs etc you could very easily exceed the 100k

With State Farm, even if you raise liability limits to 500, the bodily injury stays at 100.

Bodily injury increases only when you go to 1mil liability, then it increases to 1mil also.....and the coverages stay matched on up

 

[woodscrew]

Success

Hey Jeff/Irene,
Your advice was spot on. Called Geico and had a two million dollar umbrella done and paid for in less than an hour on the phone. With RLI insurance, but managed by Geico. In effect 24 hours later. $1011.00 per year. Reasonable I thought. Covers cars, boat,dinghy, and a 17’ sailboat. Thanks to all for the replies. BTW I have no Geico policies at all. This is a stand alone policy.