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Old 10-03-07, 08:29 AM   #1
jm01
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Another insurance question

As a bike commuter and XC/road cyclist, I ride about 16,000km/year, both urban and rural. And having seen cyclists hurt in accidents and many that have caused accidents, I now carry liability insurance...a basic $2 million umbrella policy that covers the family in all circumstances...auto, home, bike, boat, etc. as well as loss of income protection.

Anybody else do this?...if you run into a pedestrian, dent a car, hurt somebody on the trails, or cause property damage, are you covered? If not, any chance of being hurt financially if faced with litigation?

Perhaps it's just me, but I'm curious what others do.

Any thoughts?
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Old 10-03-07, 08:43 AM   #2
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I believe that your standard homeowner's liability package would cover this. I have mine at $500,000. I used to carry the million dollar umbrella liability coverage, but no longer. If you aren't a homeowner, you might check a renter's insurance package. The main thing you want is the legal coverage provided automatically by the insurance policy. When you are sued, you are given 30 days (in Colorado) to respond. Having the coverage insures that an attorney will prepare the documents and defend you (well, actually, defend the insurance company) at no extra cost to you.

http://www.rentlaw.com/rentersinsurance.htm

"Renter's Insurance is relatively inexpensive. The average cost of renter's insurance begins about $12 a month for around $30,000 worth of property coverage and $100,000 worth of liability coverage."

Last edited by DnvrFox; 10-03-07 at 08:50 AM.
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Old 10-03-07, 08:49 AM   #3
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I believe that your standard homeowner's liability package would cover this. If you aren't a homeowner, you might check a renter's insurance package.
apparently not...my car insurance covers me for loss of income if a car is involved, the homeowner policy covers me if my bikes are stolen, but that's about it.

If I knock off a side view mirror, crash into a pedestrian on the bike path, or damage someone's property when on my bike, my homeowner's policy doesn't offer protection.

The good thing this is that with the umbrella policy, I'm able to reduce/eliminate liabilty coverage on the homeowner's/auto/boat/motorcycle/cottage/ policies....and it covers the family when we cycle
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Old 10-03-07, 08:54 AM   #4
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I guess it depends on the policy.

http://insurance.cch.com/rupps/homeo...y-coverage.htm

homeowners policy--liability coverage

Most homeowners policies provide the liability coverage in Section II of the Insurance Services Office policy forms. The coverage is divided into sections E, F and Additional Coverages. Many insurers modify the coverage in their homeowners forms. Coverage E--Personal Liability provides coverage for defense and damages in the event that a claim or suit is brought against the insured because of bodily injury or property damage. Coverage is provided at the insured's premises and is extended to the personal (nonbusiness) activities of the insured homeowner or spouse, relatives of either, and others under the age of twenty-one in the care of the homeowner. Coverage F--Medical Payments To Others provides reimbursement of reasonable medical expenses for injuries sustained by a third party as a result of the insured's activities, whether or not the insured is legally liable. Additional Coverages include four extensions of coverage to the liability section: 1. claim expenses, such as premiums on bonds involved in a suit, loss of the insured's earnings up to $50 per day for assisting in the investigation or defense of a claim, interest on a judgment; 2. first aid expense to others who have a bodily injury claim against the insured; 3. damage to property of others replacement cost reimbursement up to $500 for property damage sustained by a third party; 4. loss assessment payment up to $1,000 for the insured's share of a loss assessment charged by a corporation or association of property owners.
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Old 10-03-07, 09:02 AM   #5
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yes, up here the homeowner policy liability protection doesn't extend beyond the property...that's why we need car insurance in Canada and liability coverage on all the other policies as well.

I'd like your system better...but your C&P essentially says the same thing...

"Coverage is provided at the insured's premises and is extended to the personal (nonbusiness) activities of the insured homeowner or spouse, relatives of either, and others under the age of twenty-one in the care of the homeowner."

So what am I reading here?
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Old 10-03-07, 09:11 AM   #6
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yes, up here the homeowner policy liability protection doesn't extend beyond the property...that's why we need car insurance in Canada and liability coverage on all the other policies as well.

I'd like your system better...but your C&P essentially says the same thing...


So what am I reading here?
http://insurance.cch.com/rupps/homeo...y-coverage.htm

homeowners policy--liability coverage




"Coverage is provided at the insured's premises and is extended to the personal (nonbusiness) activities of the insured homeowner or spouse, relatives of either, and others under the age of twenty-one in the care of the homeowner."

I would believe (hope) that when it says "is extended" it would mean for things other than in your home. For example, when my car was broken into and my wife's purse (with our house keys) stolen in a park a few miles away, my HO coverage paid for me to have new keys and locks for my home, and for the cost of the loss of items stolen from my car.
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Old 10-03-07, 09:11 AM   #7
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What this means is America needs tort reform. I hear John Edwards has some really great ideas for it.
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Old 10-03-07, 09:18 AM   #8
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Originally Posted by DnvrFox View Post
http://insurance.cch.com/rupps/homeo...y-coverage.htm

homeowners policy--liability coverage




"Coverage is provided at the insured's premises and is extended to the personal (nonbusiness) activities of the insured homeowner or spouse, relatives of either, and others under the age of twenty-one in the care of the homeowner."
Yes...that link says that the liability has to occur on the home's proprerty...it doesn't extend beyond the property line.

But it's good to have...my sister (a federal judge) was at an open house and tripped over some shovelled snow on the driveway, broke her foot...put in a claim against the homeowner's policy and rec'd $5,000. I doubt that he would have been covered if she fell off his property by something caused by him
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Old 10-03-07, 09:53 AM   #9
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I have never even thought about this and I'm glad the question was raised. I've dashed an email to my insurance broker asking the same questions as the OP.
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Old 10-03-07, 10:24 AM   #10
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I've heard of but don't understand the term umbrella policy as in something added to your existing home owners policy. Back in the days that I worked as a soccer ref I believe that I carried some sort of umbrella policy to cover me from lawsuits where the ref got sued.
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Old 10-03-07, 07:31 PM   #11
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I've heard of but don't understand the term umbrella policy as in something added to your existing home owners policy. Back in the days that I worked as a soccer ref I believe that I carried some sort of umbrella policy to cover me from lawsuits where the ref got sued.
I think you do understand it, Max. My umbrella policy kicks in atop my auto insurance or homeowner liability coverage, or by itself for something like your soccer ref example. Umbrella insurance is relatively cheap for the amount of coverage provided.
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Old 10-04-07, 04:44 AM   #12
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In that case it sounds like I should talk to by insurance agent about something for bicycle related activities.

I think that it would be good to have language in the policy specifically mentioning bicycles.
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Old 10-04-07, 05:09 AM   #13
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Umbrella here as well......I added mine when the kids started driving. Really cheap method of extending coverage.

A good friend of mine needed his umbrella policy when his spouse was responsible for an auto accident and the base Auto policy did not completely cover all damages. They easily could have been financially ruined if they didn't have it in just a matter of seconds. Really woke me up. It helps me sleep better.......
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