Insurance

[Jon]

Paul B. thanks for stepping up onto the stump and answering some of the questions.

I agree on protecting your investments, be it a home, car or business.

A living trust is one of the best ways and it also by-passes probate court.

There are other ways and the wife and I found out the hard way back in 1996 when we bought a new RV, left the pickup to be wired and all for the 5th wheel and went out for dinner in her (former) car. Got rearended by a lady under the influence and hubby was one sly attorney, they had NO assets, nothing it was all hidden and no insurance to boot!

Lucky for us we had uninsured motorist insurance as our med. bills went though the roof, I mean just look up at the moon and you might still see some of them.

9-11 was a break for the insurance companies to cancel or not renew many types of insurance and many had no lost do to 9-11 either but took advantage of it.

 

[Chuck Richard]

Joe Walters dosn't cover anything,atleast not in my case, he brokered my stuff to peerless ins. They have the cheapest business auto, but the highest gen. liability . But one good thing about Joe is they are always real friendly to deal with.

 

[Tim Lynch]

I allways felt the liability insurance was to protect you and your customer from injury. If I screw up on a job and bust a window I take the costs. If my customer comes home and does the slip and fall my insurance takes the costs.

Nice thread I will be looking into trusts and other means of protection on my home assets. Not hiding but protecting.

Tim Lynch

 

[Paul B.]

Nothing wrong with hiding as long as it's done legally.
Sounds like "Hiding" puts a bad taste in your mouth - I can understand that.

Let me give you a couple of examples of what puts a bad taste in my mouth:

- Most recent award by a court to a single individual of $28 BILLION dollars (Phillip Morris vs. smoker). "People not willing to take responsibility for their own actions." (I smoked, I quit 3 times - never mind why I didn't stay away - smoke free 12+ years now.) I knew inhaling smoke of anykind could hurt me. Might as well roll up a newspaper, light it and inhale the smoke - same results but a bit faster.

- I'll try to make this TRUE story short (LOL).
Some 50-60 years ago a company in the US manufactured a piece of equipment that was considered standard at that time. As time went on, the equipment became considered unsafe as manufactured (OSHA, etc.). The company modified it to meet standards. A bit later it became unsafe again (safety law changes). The company decided it was not profitable to convert and had ordered all of this type of equipment destroyed. They contracted this job (as most large companied do) to a specialist.
They wrote off the equipment as destroyed.

15 years ago this equipment surfaced in the US with another company's nameplate, in a lawsuit for injuring a person. The company that was supposed to destroy it, sold it as scrap instead. Someone purchased it and converted it and sold it to another company in Europe. The equipment ownership was traced to have changed hands several time including 2 companies in Europe. Each company modified the equipment during their ownership.

Along with others, the original manufacturer of the equipment was held liable and had to pay a large sum to the individual injured.

Again this was a TRUE STORY.


There are times when hide and protect are synonomous for me when it comes to obtaining end results.

 

[Scott Stone]

I do not look at insurance as being there to protect me if I damge something. It is there if soemone, or something else gets damaged. There are times that we have had a rocket scientist manage to damage something while moving equipment around. That is why I carry Garage keepers. I have also seen someone do the slip and fall routine. That is why I carry Liability. As for damaging something I am working on, I think that if you are working on something you should know what you are doing. If someone sues me for damaging something that I am working on, I have an umbrella policy to cover that sort of event. Face it, the insurance companies have the same goall as us. They want to make as much money as possible for the least outlay. That is why it is so important to
A. have a good agent.
B. Know what you are up against.

Scott

 

[Richard R.]

Hey Scott,
Sounds like you have the insurance everyones looking for.
Wonder if your insurance company would cover someone in Texas.
I would assume you have pretty big premiums and monthly payments huh?
How about sharing the Insurance companies name and phone number?

rrobinson2@hot.rr.com

Thanks
Richard R