Search found 1341 matches

by Quasimodo
Sat Oct 18, 2014 11:08 am
Forum: US Chapters
Topic: Livesoft - Thank you
Replies: 44
Views: 8887

Re: Livesoft - Thank you

Thanks, Livesoft, for your always interesting posts.

John
by Quasimodo
Sat Sep 27, 2014 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need umbrella insurance?
Replies: 35
Views: 7362

Re: Do I need umbrella insurance?

Hi Phooey; I’m curious about a couple of things. What would a lawyer say about whether you could be sued for a substantial amount, even though you live with your parents. You’re 30 years old and have “substantial assets”. I would be surprised if you were considered a dependent of your parents and therefore a lawsuit against you individually could not be filed. Maybe your agent and or insurer didn’t understand the question, or didn’t feel it was worth investigating further. You don’t have to abandon your insurer or agent to get another opinion. There are some direct writer insurers like Progressive or GEICO whom you could contact with the question of whether they’d offer umbrella coverage. I’m guessing they would tell you that if you carry h...
by Quasimodo
Wed Jul 16, 2014 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Car insurance... do you include car rental?
Replies: 33
Views: 3955

Re: Car insurance... do you include car rental?

GEICO’s Rental Reimbursement coverage will pay $30 per day up to $900 max. Our premium for this is $36 per year. This is according to our policy declarations page. I couldn't find a copy of the coverage language. $900 benefit divided by $36 annual premium = 25 years. I'm not too concerned about the cost of the coverage. Maybe that's reckless.

The comprehensive physical damage coverage includes rental reimbursement coverage that will pay $25 per day up to $750 per loss after theft of a covered auto.

John
by Quasimodo
Thu Jul 03, 2014 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How to admit/should I admit alcohol problem to employer
Replies: 115
Views: 28077

Re: How to admit/should I admit alcohol problem to employer

Great suggestions and advice from the others who have posted.

As a recovering alcoholic for the last 28 years I can attest that stopping drinking with a recovery program improved my life in ways I could never have imagined. I give thanks every day for the many bad things that didn’t happen because I finally got help with sobriety. Professional help can be great, but free AA meetings are everywhere and a good way to stay sober with friendship and support.

You are doing the right thing. You deserve to feel better, and you will.

John
by Quasimodo
Thu Jun 12, 2014 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Car Insurance For Non Car Owner
Replies: 6
Views: 1379

Re: Car Insurance For Non Car Owner

Excerpt from a personal auto insurance policy (section 1 is auto liability coverage):

PERSONS INSURED
Who Is Covered
Section I applies to the following as insureds with regard to an owned auto:
1. You and your relatives;
2. Any other person using the auto with your permission. The actual use must be within the scope of that permission;

Lululu offered good advice.

John
by Quasimodo
Wed Jun 11, 2014 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Temporarily Dropping Car Insurance
Replies: 13
Views: 1859

Re: Temporarily Dropping Car Insurance

You could notify your auto insurer that you’re selling your car and only need to continue hired and non-owned auto liability to cover you against lawsuits for an accident involving a car you rent or borrow. The premium will be a lot lower than when you insured an owned auto.

John
by Quasimodo
Tue May 27, 2014 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella UM/UIM
Replies: 8
Views: 2553

Re: Umbrella UM/UIM

Hi CowboysFan;

From this website:

http://www.firemansfund.com/personal-in ... -risk.aspx

"You can protect yourself and your family with an Uninsured / Underinsured Liability endorsement to a Fireman's Fund Prestige Excess® liability policy."

"Fireman's Fund extends this protection beyond auto accidents to cover you wherever you are."

The website goes on to suggest contacting an agent for additional information.

Thankfully, I have no personal experience with this sort of claim.

John
by Quasimodo
Wed May 21, 2014 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella UM/UIM
Replies: 8
Views: 2553

Re: Umbrella UM/UIM

Was this perhaps something an agent mentioned? Did either of those companies, or their agents, offer an example of what "un/underinsured liability" covers? Just curious. Maybe I need to buy some. I'm not being sarcastic.

John
by Quasimodo
Fri May 16, 2014 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella UM/UIM
Replies: 8
Views: 2553

Re: Umbrella UM/UIM

Here’s one website that lists some insurers who offer excess uninsured motorists coverage: http://www.irmi.com/expert/articles/2011/hungelmann04-personal-risk-management.aspx (scroll down for link to stand-alone umbrella policy comparison chart) Not many companies offer excess UM coverage. The first page on this website lists a few. One drawback to the insurers listed on the above website is that they offer stand-alone policies. Having different companies involved with the same claim (your primary personal and auto liability coverages and a different umbrella insurer) makes things more complicated, and presents the possibility that the umbrella company might say you neglected to give them some piece of information about the primary coverage...
by Quasimodo
Fri May 16, 2014 3:05 pm
Forum: Investing - Theory, News & General
Topic: "Bond investing: Is a bear still out there?"
Replies: 34
Views: 4070

Re: "Bond investing: Is a bear still out there?"

Thanks for the chart, Nisiprius.

Thinking about what life was like for me in 1950, and the many changes in the world that have taken place since then, it’s daunting trying to imagine all the changes going back into the 1800s.

I can relate to the people mentioned in the American Enterprise article who felt sure they saw interest rates topping out, but were drastically wrong. Looking at the chart, it’s tempting to believe rates are near a bottom now, but that could be drastically wrong as well.

John
by Quasimodo
Fri May 16, 2014 1:29 pm
Forum: Investing - Theory, News & General
Topic: "Bond investing: Is a bear still out there?"
Replies: 34
Views: 4070

Re: "Bond investing: Is a bear still out there?"

Buddtholomew wrote:Interesting article Quasi for a historical perspective on yields. I am sure this has been cited elsewhere, but what is the hypothetical return (real and inflation adjusted) for an investor that held US treasuries over the entire period, dividends reinvested.
Sorry, I don't know. I'd also be interested in that statistic.

John
by Quasimodo
Tue May 13, 2014 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Website to get umbrella quotes
Replies: 7
Views: 883

Re: Website to get umbrella quotes

Here are a few websites that claim to offer online personal umbrella quotes: https://pijas.travelers.com/get-a-quote-now/entry.html?lob=UMBR&sponsor=&path=request https://ebiz.rlicorp.com/AppPupGuest/default.aspx http://www.safeco.com/umbrella-insurance https://forms.cpai.com/personal-insurance/plus/rates.jsf https://williamsinsuranceflorida.com/umbrella.html I’m not affiliated with any of these, and offer this merely as an attempt to answer the original poster’s question. Agree with other posters that it's probably best to combine auto, homeowners and umbrella coverages with the same company. The above links probably can at least give an idea of what a personal umbrella will cost. Edit: I got online quotes from rlicorp.com and cpai...
by Quasimodo
Mon May 12, 2014 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: How Much Uninsured Motor Vehicle Insurance?
Replies: 55
Views: 5735

Re: How Much Uninsured Motor Vehicle Insurance?

Some links to discussions of UM claims process: http://www.all-about-car-accidents.com/resources/auto-accident/auto-insurance-issues/suing-uninsured-driver-for-damages “In general, an uninsured claim progresses in the same way as a regular car accident insurance claim, except that the claim is against your own insurance company. An important difference is that, if you and the insurer cannot agree on a settlement figure, you cannot file a lawsuit against your insurer. Instead, you have to go to binding arbitration, which is a more informal procedure than a lawsuit and litigation.” http://www.all-about-car-accidents.com/arbitration-of-car-accident-claims.html “How will the costs of arbitration be paid? While there may be a small administrativ...
by Quasimodo
Mon May 12, 2014 10:42 am
Forum: Personal Finance (Not Investing)
Topic: How Much Uninsured Motor Vehicle Insurance?
Replies: 55
Views: 5735

Re: How Much Uninsured Motor Vehicle Insurance?

One article that discusses reasons for carrying uninsured motorists coverage: (Scroll down for the article) http://www.bestinsurance.com/car-insurance/do-i-need-uninsured-motorist-coverage.aspx Some excerpts: “Some of the damages that are included in uninsured motorist coverage include disability, pain, suffering, disfigurement, scarring, loss of the enjoyment of life, mental anguish, lost wages, and the loss of earning capabilities, and in most cases all unpaid medical bills caused by the accident for the past, present, and future. If you are relying on your health insurance then you will only receive medical expenses. If you are not carrying uninsured motorist coverage at the time of an accident but have health insurance or Medicare the o...
by Quasimodo
Sun May 11, 2014 2:11 pm
Forum: Personal Investments
Topic: Investing in Gold/Silver Coins
Replies: 37
Views: 6304

Re: Investing in Gold/Silver Coins

livesoft wrote:I would like to read of a golden instance where a person reports first-hand that they used gold or silver coins in an emergency. One person. First-hand. Please.

I think the only time I have heard of this is getting smuggled out of East Germany, but this was second-hand.
My only golden instance was creating an emergency in order to save ten cents. Once as a teenager I jumped a subway turnstile just to avoid paying one silver dime, which was the fare at the time (1954). A policeman chased me down the stairs and I ran into a tunnel, walking through it to the next station, coming out covered with soot from a passing train.

As foolish as it was, it does suggest how seriously some people can take silver.

John
by Quasimodo
Sun May 11, 2014 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Career Path [Working in insurance sector]
Replies: 10
Views: 1440

Re: Career Path [Working in insurance sector]

I was a business insurance underwriter for 25 years, and worked for insurance agencies another 5 years. Before that I worked as a health insurance underwriter. I thought all the previous posters had wise advice. My subjective personal opinion is that a big part of the insurance business is disillusionment wherever you work, but the strong point in sales is that you have the opportunity of earning a higher income than you would as an underwriter. The strong point of underwriting is that the income is more predictable and secure. The agencies I worked for were awful, but maybe I was just unlucky. Most of the companies I worked for were fairly decent, and I was lucky to find a really good one for my last years in the business. There’s a tenden...
by Quasimodo
Mon May 05, 2014 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

If I don't carry uninsured motorists coverage and I am injured by an uninsured motorist, then whatever other insurance I have, such as major medical coverage, will be my only recourse.

Here is one article that offers advice regarding uninsured motorist coverage:

http://www.carsdirect.com/car-insurance ... -necessary

Uninsured motorist coverage is inexpensive and provides real protection without a deductible or copay or limit on which doctor I can use.

John
by Quasimodo
Sat May 03, 2014 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned: auto vs. umbrella insurance
Replies: 34
Views: 8669

Re: Should I be concerned: auto vs. umbrella insurance

Umbrella policies are designed to provide limits in excess of the primary auto and general liability limits. So if the umbrella insurance company requires $250,000 primary auto liability limits, and you have those limits, then after the primary auto insurance pays their policy limit of $250,000, the umbrella liability policy provides coverage up to their limit in excess of the $250,000.

So that's total coverage limits of $1,250,000 for a claim, with $250,000 primary auto and $1,000,000 umbrella.

I would be surprised if the umbrella had an "annual aggregate limit" that was higher than the occurrence limit, but I guess it's possible.

John
by Quasimodo
Sat May 03, 2014 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned: auto vs. umbrella insurance
Replies: 34
Views: 8669

Re: Should I be concerned: auto vs. umbrella insurance

I agree with tfb's description of how the limits work. You could ask for a copy of the umbrella policy if you don't already have one and read the section that describes "underlying" or "primary" limits along with how the umbrella limits work.

Personally, I wouldn't be too bothered by having $1.25 million total limits of coverage for an auto accident instead of the $1.5 million you thought they would provide. But if you're uncomfortable because your primary auto limits were lower than before you asked for umbrella coverage, you could buy higher umbrella limits or get a quotation from a different company.

John
by Quasimodo
Sat May 03, 2014 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned: auto vs. umbrella insurance
Replies: 34
Views: 8669

Re: Should I be concerned: auto vs. umbrella insurance

I would guess that Allstate needs to limit their amount of liability because of reinsurance requirements. Even large insurance companies spread the risks they take on by sharing premiums and limits of liability with other companies, which is called reinsurance. Requirements of a particular company's reinsurer wouldn’t be readily apparent to policyholders.

Or it might be for some other reason that has to do with their underwriting approach.

I wouldn’t be concerned about the limit requirements Allstate has, so long as you are satisfied with Allstate's financial stability and coverages.

John
by Quasimodo
Thu May 01, 2014 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: $22 million reason for umbrella?
Replies: 42
Views: 5735

Re: $22 million reason for umbrella?

This seemed an easy-to-read legal discussion:

http://www.chicagofamilylawblog.com/106071-print.html

Excerpt:

“Some states cap the amount of damages for which parents are liable to pay to a few thousand dollars, while other states may hold parents liable for unlimited amounts.”

John
by Quasimodo
Mon Apr 28, 2014 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

One article that gives some advice on determining how much umbrella coverage to buy: http://www.insuranceqna.com/liability-insurance/buying-umbrella-insurance.html A reinsurance company discussion of umbrella claims: http://www.genre.com/knowledge/publications/insurance-issues-201309pu-en.html One comment they make: "...too low a frequency of losses to help most individual insurers identify loss trends." If insurers have difficulty identify loss trends... well, good luck with that. The likelihood of a personal umbrella loss is low, but they do happen and the financial results of a large lawsuit could be extreme. Personal umbrella premiums are low relative to auto and homeowners policies. The savings by not having the coverage coul...
by Quasimodo
Sun Apr 27, 2014 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

Lawsuits that are large enough to require an umbrella liability policy are uncommon and unpredictable. I wonder about the accuracy of trying to calculate one’s chances of being involved in a large personal liability lawsuit. One metric I would consider is comparing the umbrella premium to how much you spend on gas for your car(s) for one year. Is it even a noticeable expense in that context?

John
by Quasimodo
Sun Apr 27, 2014 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

Hi Darin: From the standpoint of so-called “likelihood of loss”, any level of umbrella liability insurance is going to be low on the scale. Still, in our society with more attorneys than any other country, it is difficult to know with any certainty where the dollar limit would be as to how much I might be sued for. Driving an automobile creates the possibility of a bad accident that injures or even kills several people. How much is that going to cost? I do agree with your point that one’s level of income, savings and investments are a reasonable place to start when deciding how much umbrella liability insurance to buy. My wife and I have a $1 million personal umbrella policy. We have nowhere near that much in financial resources, but for a ...
by Quasimodo
Sat Apr 26, 2014 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

Perhaps I misunderstood Darin’s post, but I’ll try to address one of the questions. I used to be an umbrella underwriter for business clients. Sometimes a business would want umbrella limits higher than one company could provide, so they’d buy the limits in layers from several different insurers. One company’s minimum premiums per million of coverage might be higher than the premium a company writing a lower layer would charge. It wasn’t representative of the risk. Most insurers buy reinsurance, which is basically using other insurers to lay off part of their bets . Possibly the example given involved an insurer having to buy special reinsurance in order to provide higher limits than they usually wrote. The reinsurer might charge a higher r...
by Quasimodo
Sat Apr 26, 2014 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella excess liability policy
Replies: 103
Views: 24805

Re: Umbrella excess liability policy

I don’t claim to know the answer to Pasour’s question, but here are links to some articles with various suggestions:

http://www.nytimes.com/2012/11/03/your- ... wsuit.html

http://www.investopedia.com/articles/re ... dawall.asp

John
by Quasimodo
Fri Apr 25, 2014 11:30 am
Forum: Personal Consumer Issues
Topic: Auto Insurance advice?
Replies: 14
Views: 4536

Re: Auto Insurance advice?

I can understand why automobile medical payments insurance would seem unnecessary or redundant with health insurance. Here is a link to one article that discusses some reasons for considering auto medical payments coverage:

http://www.bankrate.com/finance/insuran ... nce-1.aspx

Near the end of the article they talk about the availability of medical payments limits higher than any I've heard of, but the general discussion seems sensible.

John
by Quasimodo
Mon Apr 21, 2014 10:10 am
Forum: Personal Consumer Issues
Topic: Auto Insurance advice?
Replies: 14
Views: 4536

Re: Auto Insurance advice?

I’m not familiar with special requirements in MA, but I’ll try to comment. The following are general comments on automobile insurance. Your carrying uninsured motorists limits the same as your bodily injury liability limits is a good idea in my opinion. Separate limits for “medical” and “medical payments” sounds like something unique to MA, but I’d generally consider the highest medical payment limits you can get. I’m not sure I understand what you mean by rental being unnecessary because of having a business car, so I can’t comment on that. High deductible physical damage coverage is generally a good idea. I’d consider using the premium savings to buy umbrella liability coverage for $1 million, even if GEICO asks you to increase your liabi...
by Quasimodo
Fri Apr 11, 2014 3:22 pm
Forum: Personal Consumer Issues
Topic: Contractor not licensed but insured
Replies: 15
Views: 4027

Re: Contractor not licensed but insured

Thought I'd post a reply to get your question moved up on the forum.

Here is a website that discusses some of the issues with unlicensed contractors:

http://www.angieslist.com/articles/what ... ractor.htm

I have no personal experience with this. Maybe someone with first hand knowledge will offer you advice.

John
by Quasimodo
Wed Apr 09, 2014 3:32 pm
Forum: Personal Consumer Issues
Topic: Property and Causalty Insurance
Replies: 4
Views: 718

Re: Property and Causalty Insurance

One possible approach would be to contact Progressive Insurance and GEICO and ask for quotes. (These companies deal directly with their customers) You might also contact an independent agent who represents multiple companies such as Travelers, Aetna, Hartford, Fireman’s Fund, Chubb and others, and ask them to shop around for a good deal for you. (My recollection is that those companies deal through insurance agencies, not directly with the customer, unless things have changed) Then you could compare quotes and decide which looked the best to you. One advantage of dealing with an independent agent is that they can shop around on your behalf for a favorable deal. One disadvantage is that they work for a commission, so the premium could possib...
by Quasimodo
Tue Apr 08, 2014 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Reviewing my insurance now that I have money
Replies: 6
Views: 1152

Re: Reviewing my insurance now that I have money

An umbrella liability premium just isn’t that significant (ours is $105 a year for a$1M limit), and along with the insurance limits you get a team of insurance attorneys seriously interested in defending you against a lawsuit for a fraction of the cost you would have to pay to hire lawyers yourself. With the auto insurance limits you described, you’d probably have to increase them to qualify for an umbrella liability policy. My personal opinion is that it’s worth doing. Some reasons why we carry automobile medical payments coverage are that the medical payments limit applies separately for each person in our car, including non-family members. A friend or his child who were injured as passengers in our car get their medical expenses paid wit...
by Quasimodo
Mon Apr 07, 2014 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy, do you have hands on experience
Replies: 15
Views: 2519

Re: Umbrella Policy, do you have hands on experience

Thanks for your kindness, Kenner. I appreciate your thoughtful comments as well.

John
by Quasimodo
Sun Apr 06, 2014 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy, do you have hands on experience
Replies: 15
Views: 2519

Re: Umbrella Policy, do you have hands on experience

I guess there could be some other legal decision that addresses libel, slander and false arrest and nullifies the policy language. I would wonder what the reasoning was for a state to invalidate insurance coverage for those things . John Please post the insurance policy language you refer to. I would be interested to see insurance policy language where an insurance company agreed to pay for damages that were intentionally caused by an insured person. From an earlier post: Out of curiosity I looked over our GEICO umbrella liability policy. The policy covers “personal injury”, and defines that as including, among other things, “libel, slander, defamation, humiliation...”. While the policy excludes “acts committed by or at an insured’s direct...
by Quasimodo
Sun Apr 06, 2014 2:53 pm
Forum: Investing - Theory, News & General
Topic: Investing in foreign government bonds - theory and practice
Replies: 19
Views: 2467

Re: Investing in foreign government bonds - theory and pract

I'm not qualified to answer your questions, but in case you haven't already seen it here is a link to a Vanguard discussion of the hedging strategy for their International Bond fund:

https://personal.vanguard.com/us/insigh ... d-03192013

Part of my retirement savings is invested in Vanguard's International Bond exchange traded fund (symbol BNDX). The expense ratio is .20%. Average maturity is about 8 years and duration is around 6 years. Most, but not all, of the holdings are government bonds. I realize duration and holdings are different from your criteria.

John
by Quasimodo
Sun Apr 06, 2014 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy, do you have hands on experience
Replies: 15
Views: 2519

Re: Umbrella Policy, do you have hands on experience

Umbrellas are basically an extension of your homeowners and auto policies liability protection. They usually cover the same things and do not cover other things. Not quite correct. Umbrella policies typically cover thing like libel, slander, and false arrest, which are normally not covered by homeowner's. I agree with Call_Me_Op. I have no idea whether a particular state has some legal precedent that overrides the policy language. I didn't see a reference to libel, slander or false arrest in the article Kenner posted. I guess there could be some other legal decision that addresses libel, slander and false arrest and nullifies the policy language. I would wonder what the reasoning was for a state to invalidate insurance coverage for those t...
by Quasimodo
Sat Apr 05, 2014 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy, do you have hands on experience
Replies: 15
Views: 2519

Re: Umbrella Policy, do you have hands on experience

Thankfully I have no experience with a personal umbrella claim filed against me, but it’s easy to google search for links to actual claim examples:

http://www.rlipersonalumbrella.com/scenarios.asp

http://www.galleninsurance.com/wp-conte ... Policy.pdf

Previous posters offered sensible advice.

John
by Quasimodo
Fri Apr 04, 2014 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Accident Advice
Replies: 34
Views: 3412

Re: Auto Accident Advice

When I asked GEICO, they said they wanted to be notified in the case of an accident. The policy says in part:

"...the contract states that as soon as you can after an accident, we must be notified.
 
...we want to be notified so that we can cover your incident in the event that the other party decides to contact us in the future."

Personally, I would prefer the insurance company negotiate a settlement. That's what I'm paying them to do. They're going to be better at it than me. And who knows whether someone will come back later and claim serious bodily injury?

So I agree with those who advocate notifying the insurance company, even if it looks like a minor loss. I don't care if they raise my premium.

John 
by Quasimodo
Thu Apr 03, 2014 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Automobile Medical Payments
Replies: 21
Views: 3811

Re: Automobile Medical Payments

I’m not knowledgable about Obamacare because my wife and I have Medicare and a supplemental health insurance policy. Those coverages don’t always pay 100% of medical bills because there are dollar limits for some procedures and treatments, and the health care could cost more than our insurance will pay. Some reasons why we carry automobile medical payments coverage are that the medical payments limit applies separately for each person in our car, including non-family members. A friend or his child who were injured as passengers in our car get their medical expenses paid without having to sue, because determining who is at fault in an accident is not required for this coverage. That could save everyone involved out-of-pocket expenses while w...
by Quasimodo
Tue Apr 01, 2014 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Consequences of a failed HO insurance company...
Replies: 12
Views: 1632

Re: Consequences of a failed HO insurance company...

Here’s a website that discusses “Guaranty Associations” for property and casualty insurers:

http://www.figafacts.com/faq

Excerpt: “Guaranty associations are active in every state, the District of Columbia, Puerto Rico and the Virgin Islands. State laws require that licensed property and casualty insurance companies belong to the guaranty associations in every state where they are licensed to do business.”

I didn't read the entire checklist, but it appears from the above that every state has a guaranty association that protects policyholders from being left without coverage if their homeowners insurer goes broke, so that's nice to know.

John
by Quasimodo
Sat Mar 29, 2014 11:33 am
Forum: Investing - Theory, News & General
Topic: [Poll] Which of These Types of Investments do you Own?
Replies: 24
Views: 3186

Re: [Poll] Which of These Types of Investments do you Own?

Total World Stock fund
Total International Bond fund
Gold mining Stock index
Physical gold stored in Canada

I checked the poll choice "Total International Fund", as there didn't appear to be a choice for the Total World Stock fund.

John
by Quasimodo
Mon Mar 24, 2014 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Does This Person Need Umbrella Ins Coverage?
Replies: 64
Views: 7461

Re: Does This Person Need Umbrella Ins Coverage?

ofcmetz wrote:Can one purchase umbrella insurance from a different provider than their other insurers? I currently have home and auto insurance with seperate companies.
Here's one website that discusses umbrella insurers that will write coverage over a different auto and homeowners insurer:

http://www.irmi.com/expert/articles/201 ... ement.aspx

Scroll down for another link describing terms and conditions.

John
by Quasimodo
Sun Mar 23, 2014 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Does This Person Need Umbrella Ins Coverage?
Replies: 64
Views: 7461

Re: Does This Person Need Umbrella Ins Coverage?

Hi Ken;

I guess I better watch what I put in those letters to the editor.

“If you haven't got anything nice to say about anybody come sit next to me.” - Alice Roosevelt Longworth

Thanks for the research.

John
by Quasimodo
Sun Mar 23, 2014 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Does This Person Need Umbrella Ins Coverage?
Replies: 64
Views: 7461

Re: Does This Person Need Umbrella Ins Coverage?

Hi Kenner. I live in Colorado. Is that what you meant?

John
by Quasimodo
Sun Mar 23, 2014 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Does This Person Need Umbrella Ins Coverage?
Replies: 64
Views: 7461

Re: Does This Person Need Umbrella Ins Coverage?

Out of curiosity I looked over our GEICO umbrella liability policy. The policy covers “personal injury”, and defines that as including, among other things, “libel, slander, defamation, humiliation...”. While the policy excludes “acts committed by or at an insured’s direction with intent to cause personal injury or property damage”, it goes on to say “this exclusion does not apply to Part I, item 9(b)”, which is the part of the personal injury definition that describes “libel, slander, defamation etc”. There is a $500 "retained limit" for the umbrella policy, which is basically a deductible when something the umbrella covers is not covered by the primary policies. Our Travelers renters policy doesn't cover "libel, slander, etc...
by Quasimodo
Sat Mar 22, 2014 11:43 am
Forum: Personal Consumer Issues
Topic: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild" ??
Replies: 8
Views: 1045

Re: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild

Hi 1210;

You are right that a total loss would be subject to the coverage limits. If you insure 80% of the replacement cost, and it’s a total loss, you only get 80% of the replacement cost. (Assuming a replacement cost basis)

As a former insurance underwriter, I can relate to cynicism about the motives or expertise of some agents. Finding an independent agent who is both knowledgeable and trustworthy could be as challenging as finding an insurance company you trust to be fair.

So I don’t think you’re being too cynical.

I would want to know how much insurance the bank deems necessary, and also have the insurance company appraise the home as to the replacement cost so you can make an objective decision about how much insurance to buy.

John
by Quasimodo
Sat Mar 22, 2014 11:03 am
Forum: Investing - Theory, News & General
Topic: How important are Int'l Bonds?
Replies: 44
Views: 6284

Re: How important are Int'l Bonds?

I thought the previous posters offered a sensible discussion of pros and cons of international bonds.

My personal view, as a nervous older investor:

An objective reason to consider investing in international bonds is that they represent the largest asset class - larger than US bonds, US stocks or international stocks. In other words, international bonds are not an esoteric, highly speculative investment category.

A subjective reason why I consider including international bonds in the portfolio is that I don’t have to wonder whether congressional gridlock will possibly interrupt payments. Before last fall, I never expected to feel uncomfortable holding US government bonds.

John
by Quasimodo
Sat Mar 22, 2014 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Automobile Medical Payments
Replies: 21
Views: 3811

Re: Automobile Medical Payments

Here's one article that advocates buying auto medical payments coverage

http://www.bankrate.com/finance/insuran ... nce-1.aspx

Some of the reasons given in the article are that auto med pay covers expenses your health insurance won’t pay for, such as ambulance fees, chiropractic, dental . It has no deductible or co-pay. It’s no fault coverage so you don’t have to wait for a lawsuit settlement. And it's inexpensive insurance.

John
by Quasimodo
Fri Mar 21, 2014 7:47 pm
Forum: Personal Consumer Issues
Topic: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild" ??
Replies: 8
Views: 1045

Re: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild

Hi 1210; With an 80% coinsurance clause, the insurer expects you to buy an amount of insurance equal to 80% of the insurable value, which may be replacement cost or replacement cost less depreciation (actual cash value). If you meet this requirement, they will pay 100% of any covered loss, partial or total, subject to whatever deductible there may be. I agree the land value should not be part of the property insurance valuation. Property insurance rates get cheaper the higher the coinsurance percentage. So 80% coinsurance rates are more expensive than 90% coinsurance rates which are more expensive than 100% coinsurance rates. I know that sounds confusing and contradictory, but basically they are giving you a discount for buying higher limit...
by Quasimodo
Fri Mar 21, 2014 6:19 pm
Forum: Personal Consumer Issues
Topic: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild" ??
Replies: 8
Views: 1045

Re: One Ins. Co uses "Mkt Value" other uses "Cost to Rebuild

In your first paragraph you said the agents were using “purchase price/market price” as a basis for their quote. In your last paragraph you said the agents were offering replacement cost coverage. These are different methods of determining the amount of insurance. You said the “in house guy” quoted replacement cost. It sounds like the agents may be honestly confused and not just trying to sell you on their quote with a cheaper price, even though it would cause problems for you in the event of a loss. For example let’s say the purchase price of the building was $200,000 but the replacement cost is $330,000 (165% of the market value as you said in your post). If your property insurance policy has a 100% coinsurance clause, and you buy $200,00...