Originally Posted by
ejpogo
It seems like there is a consensus that it is better to have umbrella insurance than hope for tort reform and maybe see a unicorn, too.
I use USAA and bundle my umbrella insurance with home and auto. I am worried I may be missing out on career specific umbrella insurance?? Does anyone have any recommendations or any experiences using umbrella insurance or how high of a limit per occurrence one should have as a pilot??
There is no umbrella policy that a pilot can afford that’s going to help in the event of a major incident. One thing you can do is maintain your 401K assets within the current Fidelity program until you retire. Be careful moving them into other vehicles outside the current plan as you may loose the lawsuit shelter provided by federal law. Some states do protect IRA’s but it’s state specific so do your research.
Be aware that the biggest threat that I observed impacting pilots concerning lawsuits over the years is their children, especially when they turn 16 and start driving. A umbrella policy is an absolute necessity at that point and don’t carry them longer than needed on your policy and or register their cars in your name.