Pond Boss Forums INTRO Questions & Observations Carry your umbrella

Seeing Gary's incredible loss from fire prompted DD1 to post his concern for increasing his homeowner's insurance level. This immediately made me think about another aspect of insurance that doesn't get a lot of attention; personal liability umbrella policies (PLUP) (Theo, this one needs to be in the acronym listing if for no other reason than to make somebody out there see it and wonder what it is).
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How many of you guys and gals have a PLUP? We have skirted talking about it now and then, but never really focused on it. Heck, I think it's a PB Mag article waiting to happen. When that big ol' beautiful water feature turns innocently deadly, the only bright spot may very well be knowing that the owner had the forethought and took the initiative to add a PLUP to their insurance protection.

Horses, cows, ponds and a subdivision next door. Oh, yeah, we PLUP here.

We bought a policy even before we purchased our acreage/pond. $1mn for less than $300 per year. It's cheap.

PLUP baby. Word to big bird.

We have one

I don't and should. If I lived there I might have more control but you have me feeling pretty exposed.

Get that PLUP, DD. Nobody wants to see you exposed.

I purchased double the coverage offered in case our H.O. Board gets sued and they attach the homeowners. There was a drowning on one lake 2 summers ago, and they did sue, but it went nowhere, but you never know, and nobody will tell me what my personal liability is as the Lake Rep. on this lake. That is why I got my own water test done because a former LakeChair wrote in the newsletter "We have blue green algae, but don't think it is the toxic type." As lake rep my charge is simply to "Report on Conditions of the Lake, and field complaints." I write detailed reports and put them on the minutes to cover myself. Now we are doing extensive testing on all the lakes.

Yeah Theo, that would be overexposure.

Brettski makes a great point. The Personal Liability Umbrella is probably one of the best insurance buys out there.

If you have assets you don’t want to lose, the personal umbrella provides an additional layer of coverage beyond your basic homeowners and auto liability insurance. In today’s litigious society you need more than just the basics!

Being a Chartered Property and Casualty Underwriter, I tend to take insurance related issues for granted. Even though insurance is no longer my game, I should share what I learned in my 25 years in the insurance industry. Does any one want to talk Loss Control? I didn’t think so…

Dwight:
I think people would want to know what you know. Last year here they finally put up signs at the 3 lakes with the access sites for residents (no gate/fences) they say: RESIDENTS ONLY, SWIM AT YOUR OWN RISK, NO LIFEGUARD ON DUTY, NO DIVING ALLOWED. Because my lake is green, I wrote up a suggestion and put it on the minutes that the board should adopt a "Green Water Warning System" and advise people not to swim when the water is green. Board members have coverage, Lake Reps don't, so I am just diligent in my reporting and requests for what I write to be included in the minutes. If they fail to act, then it is on them.

Count me in......$3M policy. Too much to lose for only $285/yr premium.