Have you heard of umbrella coverage? Basically, it adds coverage to all of your policies. Or does it...?
By default, umbrella coverage increases liability limits. But it doesn’t increase everything. And that’s a big deal. Maybe the most important coverage you can have increased is uninsured motorists in (UM) and u red motorists (UIM). I’ve said it before. And I think it’s probably more true now than ever. At least 90 percent of drivers are uninsured or underinsured. (We just settled a case against a driver who had $5.3M in coverage—and even he didn’t have enough insurance.) So it’s vital that you let your insurance agent/broker know that you want your umbrella policy to cover not only liability but also UM/UIM.
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The Ins & Outs of "Releases" in Washington
We’re asked to sign releases all the time. Sometimes we’re not even asked to sign—they’re just embedded in our transactions. (Like when we buy lift
tickets to go skiing.)
The Deterrent Effect of Releases
People fall into two categories. Either they assume that releases are iron-clad or they forget that they signed releases. The people who assume they’re iron-clad don’t pursue claims. That (false) belief is the biggest benefit to the businesses that make customers sign them.