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Steve:
You need to take a VERY close look at that "special umbrella" policy! The
likelihood is that it is NOT first dollar coverage for your personal
liability but, in fact, leaves a HUGE gap in your coverage before it kicks in
for the next million or so.
Your homeowners (or tenants) policy typically provides the first $300,000 of
coverage for personal liability, then the umbrella kicks in for the next
million or more. It's very nice of Farmers to allow your boat policy to
provide the supporting coverage, but unless they've endorsed the umbrella to
cover the first $300,000 of personal liability it may be of little real value.
If they have, that's super! Please let me know, because that might be an
option for some of our clients.
Al Golden
International Marine Insurance Services
1-800-541-4647
