central - east central Minnesota - | Round Prairie Farms - 3/30/2024 19:18 I have considered getting an umbrella insurance policy in addition to my farm and ranch policy. The main reason being that we spend a fair amount of time on a busy highway and regardless of fault, the guy with the big machine can get sued. $1m is about $850 and $2m is about $1,350 annually. The agent quoting it says it is more expensive than a standard umbrella policy because they are assigning about $700 of that for the two semis that I run. Seems cheap if something happens but it's another expense that if I can save the money I certainly would prefer to. How many of you run with/ without them and what are your experiences? Thanks
How many dollars of Assets do you have in your farm operation ? The $2,000,000 dollar umbrella policy seems like a fair value. It really depends on the coverage of your farm/ranch policy, though - $2,000,000 may not be enough . . . . . If you injury someone hauling with semi's or tractor/machine accident on hwy involving others with debilitating injury, could take $25,000,000 ? It's really a question for your very professional, experience insurance broker and your very professional, experienced attorney that you should be getting advice from also . . . . .
To answer your question directly, Yes, I have a $2,000,000 umbrella policy along with my Farm/Ranch - between all my insurance and Assets, I'm covered, if some attorney comes after all I have. . . . . . |
Umbrella insurance Policy
