All Forum Posts by: Derek Lacy

It's a simple HO6 (condo unit owners) with rentals to others endorsed. We write those often. Many in Miami area, Fort Myers area and even a few on Key West.

2 Votes

Assuming the are listed as loss payee on your policy, then both of you get the check.

0 Votes

Ryan Moore I'm sure Melvin List is well intentioned. But do understand FL is generally the hardest state for insurance. That's why you are scratching your head on what is a 4 point inspection, it's a Fl thing. Renovators Risk in AZ is dirt cheap. About $400 for values at $200,000 or less. We write in all 50 states so feel free to reach out with any specifics.

0 Votes

Dani

Did you take lessons from the President? Just because you disagree with the conclusion that most people come up with after visiting dogs bite.org does not make it "fake news" or propagandist.

I would love to be shown how this page of 2017 victims is propogandist:

http://www.dogsbite.org/dog-bite-statistics-fatali...

It's absolutely not propogandist to release the narrative that is agreed upon by the authorities of the 15 people that have lost their life to dogs so far in 2017. They even show a 16th victim and notate that the authorities are not sure so they did not include it.

So much propaganda they only list peer-reviewed medical journals outlining the data and conclusions

http://www.dogsbite.org/dog-bite-statistics-biblio...

it's not a conspiracy that most insurance companies either do not allow those breeds on properties they insure or the exclude damage done by those "vicious breeds" it's an actual, real and present danger and very applicable to the aspiring and actual professional property manager/investor. So much so that insurance actuaries agree they cannot charge a premium high enough to meet with the risk of those "vicious breeds."

Originally posted by @Account Closed:

Robert Lindsley

That's the exact issue. Once you find a pitbull friendly policy you will find it excludes animal liability, thereby defeating the purpose of pitbull friendly insurance.

I'd like to speak to the it's the owner not the dog, it's a bit like the gun control issue. I think we all agree madmen with a gun is a bad thing, I'm not as worried about madmen with a rubber hose or sane men with a gun. So it's not all the owner, it's a bit the dog too.

Here is a resource on dangerous dogs.
http://www.dogsbite.org

Glad you have a plan and are moving forward.

dogsbite.org is a propagandist site created by a web designer who was bitten by a dog.

0 Votes

Robert Lindsley That's the exact issue. Once you find a pitbull friendly policy you will find it excludes animal liability, thereby defeating the purpose of pitbull friendly insurance. I'd like to speak to the it's the owner not the dog, it's a bit like the gun control issue. I think we all agree madmen with a gun is a bad thing, I'm not as worried about madmen with a rubber hose or sane men with a gun. So it's not all the owner, it's a bit the dog too. Here is a resource on dangerous dogs. http://www.dogsbite.org Glad you have a plan and are moving forward.

1 Vote

Eddie Knoell Yes, I've had a client with a full limits payout, $3mm. They then had to pay another $2.5mm out of pocket (the husband was a hedge fund trader, so not devastating, but hurt). We offered up to $50mm in coverage, especially considering their assets. The loss is what you would term a "shock loss" they did nothing to contribute to it, the did mismanage a subcontractor, but nothing too bad, the insurer paid it out and continued on the policy for about triple the price, and the raised coverage to $20mm (with the pricing of an umbrella being so low, does it really matter if it's 10x's the cost if you need the coverage). BTW it was in an LLC, the judge (northeast US) decided it was good for public policy to make them personally liable since as members of the LLC they personally decided to not purchase enough insurance.

0 Votes

I sold a $30,000,000 umbrella policy today (3 daily drivers, 3 exotics, 2 personal houses, 22 rentals) for $4,400. So $4,400 will get them out of $30,000,000 of liability. It would seem, tax compliance, entity filings and just general hassle of an LLC would be close to that cost, and the umbrella policy actually pays if there is a claim. An LLC just possibly shields.

0 Votes

Is this an air bnb type situation or long term roommate?

0 Votes

Jason Bott Rare disagreement, there are a few markets that will insure profit. But it's 3 (out of what, 1800 insurers?) and one is a lloyds syndicate, and as you know if the premiums high enough Lloyds will underwrite some crazy stuff. But unless easily provable, why pay the extra premium is my usual recommendation. But as you know banks are rarely as pragmatic as insurance agents. Always feel free to hit me up if it comes up.

0 Votes

Frank Chin Yes. Homeowners policies (meaning only the property you live in) may contain contingent workers comp. it's not really coverage, it's the retroactive option to purchase a 6 month work comp policy. So in Indiana that means if you paid the roofer $10k. You get the option to retroactively pay about $4,500 to have work comp paid for. Not a huge coverage grant, but it's better than stick to eye. You are correct workers comp prevents the worker from suing their employer. But you hire an uninsured sub, he brings a buddy. The buddy falls off the roof, the sub is the employer, you are the gc. Meaning you are opened to suit. Problem, there is an exclusion for that type of injury on your general/premise liability. Workers comp picks that up through the employers liability coverage included. Sidenote the full name of a work comp policy is "Worker's Compensation and Employers liability," but given the limited nature of employers liability it's often forgotten.

1 Vote

All Forum Posts by: Derek Lacy

Derek Lacy has started 0 posts and replied 391 times.

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