From:
Fred Hopengarten K1VR 617/259-0088
Six Willarch Road
Lincoln, MA 01773-5105
permanent e-mail address: fhopengarten@mba1972.hbs.edu
On Sat, 18 Oct 1997 10:54:51 -0400 Brian Petku <bpetku@ix.netcom.com>
writes:
>I have one question, one email I saw references additional liability
>insurance, I was curious if that is there some recommendation?
The reference to additional liability insurance that you saw goes like
this. In general, your homeowners insurance will insure you for
liability against all manner of torts up to $250-300,000. I always
suggest that people pay the additional $50-150 per year and get an
"umbrella" policy to cover you up to $1M or $3M or $5M, because crazy
juries bring home crazy verdicts. The umbrella goes over the top of your
auto and your homeowners isnurance. There is no additional charge to
cover your tower and antennas, either at the homeowners or umbrella
level. I can name a lot of insurance policies which make insurance
companies rich and do the consumer little good. Examples of bad deals in
insurance: credit life, dread disease (i.e. cancer) insurance, airplane
flight insurance, first dollar medical coverage. Examples of really
worthwhile insurance: homeowners, umbrella liability, auto (but not
first dollar or low deductible on your own car), and indemnity health
with as high a deductible as your can tolerate.
And now to relate this all to towers.
Local vandals make climb your tower and fall off. Local vandals may cut
your guy wires. The storm of the century may rip your yagi off the top
of your tower and toss it through the roof of a neighbor's garage. For
these things you want homeowner's insurance and an umbrella over it.
The fact that there is no additional charge to cover your tower is
something of a passive way to argue that if these things were dangerous,
then surely the actuaries at the insurance companies would know about it
and charge an additional premium, as they do if you smoke, fly airplanes,
or have a swimming pool in your backyard.
Thus ends today's public policy and finance lesson. -- Fred K1VR
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