This question was answered based upon current rules, regulations & statutes in effect on May 1, 2019
I have an insured that is inquiring about UM/UIM coverage on umbrella policy.
He currently has his limits maxed out on his auto policy but he wants more coverage!
His friend was in an accident with a driver that had state minimum coverage and I guess his limits were not very good either. His friend now has over $500,000 in medical expense and apparently his lawyer is telling him there is nothing they can do as she works a minimum wage job & has no assets. Now he is afraid this will happen to him.
My question to you is, from what I am finding none of the standard market carriers offer this coverage/endorsement on the policy. We have found an excess carrier (USLI) that offers the coverage for a very low premium however the premium for the umbrella itself is over double what he is paying now.
Can you please advise what you know about this coverage/endorsement on an umbrella policy?
My understanding of an umbrella policy was to protect you when you are liable, not to protect you when someone else is?
I have done some research and found it is offered in other states, but found nothing on MA.
I would appreciate any information you could provide!
Have a great day
Irene Morrill: I am a HUGE fan of buying UM/UIM in the PUP. I live in NH and it is a required offer and I purchase it. I asked the RLI department at MAIA and they said it is available in the RLI policy …for a fee
I think I have “heard” that personalumbrella.com does also but I can’t guarantee it or what else the policy does or doesn’t do.
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