Well I am also an Attorney who represented a Sandy victim in a lawsuit with C&C Marina in Bayville. And this is exactly what happened on his homeowners policy. Paid for lost boat cost. The recovery, salvage, and disposal is NOT COVERED. They pay policy limit once.
Perhaps you need a little tutoring? And learning about marine insurance is a good thing. This is a good dialogue.
Umbrella insurance has a flat coverage. That is the total and ALL They will pay out if boat is totaled is the boat loss- NOTHING ELSE. The liability portion of you homeowners policy IS a different section- yes,
And you can buy as much liability coverage as you want. It may have $500k or $5M. That simply what you picked and paid for.
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Originally Posted by shrimpman steve
Frank, you are wrong and should not be teaching people about insurance (I say this respectfully) the umbrella policy pays YOU NOTHING. The umbrella pays the people that sue you as well as your defense costs in court if you kill or injure someone. Umbrella coverage has NOTHING to do with what YOU collect on a loss to your vessel. There is no question that a boat owner should have a separate marine policy but that policy may only have 500,000 in liability. The umbrella policy SITS OVER the underlying liability policy. Your understanding of an unbrella policy is incorrect and any homeowner should make sure there is enough liability coverage so you don't loose your home should someone sue you. A lawsuit over a death is gonna cost you more then loosing your boat!
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