DonInBuffalo Posted June 18, 2009 Share Posted June 18, 2009 Jesus christs steely, he settled to avoid a lawsuit... not to get a lighter sentence. The insurance company has no vested interest in whether or not Stallworth goes to jail. They do, however, care about continuing to pay attorney fees, and possibly being hit with a larger judgment. The fact that the family was taken care of is only a by product of standard procedure in cases like this. Florio likely had no knowledge of Stallworth's umbrella policy, or he would have known that it would have paid all costs above $300,000. Plus, even IF stallworth paid anything, these settlements take into account someone's assets. So if it were you or me, we would have paid much less. It's on a sliding scale, so income is irrelevant. Would an umbrella policy cover expenses incurred as a result of criminal activity? Somehow I doubt it. Link to comment Share on other sites More sharing options...
VOR Posted June 18, 2009 Share Posted June 18, 2009 Since he has an umbrella policy, he would be paying nothing. You know how much it costs to get a $5 million umbrella policy? $500 a year. Yeah, only the "rich" can afford that. I'm not disputing that an umbrella policy isn't expensive. I'm saying that the section you quoted said that Stallworth is paying the family money outside of what the insurance company will pay. You said that the insurance company is the only one paying the family. Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 Since he has an umbrella policy, he would be paying nothing. You know how much it costs to get a $5 million umbrella policy? $500 a year. Yeah, only the "rich" can afford that. I don't know anyone who could afford to lose $500 a month. If you can easily afford that then you're not hurting for money. My brothers mortgage is $600 a month. $500 a month is $6,000 a year. Link to comment Share on other sites More sharing options...
VOR Posted June 19, 2009 Share Posted June 19, 2009 I don't know anyone who could afford to lose $500 a month. Per Fingon, it's $500 per year, not month, which isn't too bad. Although I haven't checked-out the veracity of that statement. Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 Per Fingon, it's $500 per year, not month, which isn't too bad. Although I haven't checked-out the veracity of that statement. I highly doubt a policy that covers over $5 million liability is $500 a year. I'd need to see a link for that. Link to comment Share on other sites More sharing options...
Ramius Posted June 19, 2009 Share Posted June 19, 2009 I highly doubt a policy that covers over $5 million liability is $500 a year. I'd need to see a link for that. http://news.yahoo.com/s/fool/20090528/bs_fool_fool/rx19332 Try to friggin use google for a change. In 30 seconds, i founds hundreds of links talking about umbrella policies, and found that in general the first $1 million is the most expensive, running up to $300 per year. After that, additional millions in coverage drops, down to $75 for the second million, and as low as $50 for each additional million. So by my math, that means a $5 million policy would cost $525 per year. So keep rolling your eyes. and here you go fignon... Umbrella policies typically cover: * Liability judgments that exceed the liability coverage limits on your home and auto policies. In other words, your primary policy would pay its maximum damages; the umbrella policy would kick in for any overages. * Instances when you (or your child or pet) cause bodily injury, property damage, or personal injury (including such injuries as libel and slander). * Legal fees and defense costs. Link to comment Share on other sites More sharing options...
Fingon Posted June 19, 2009 Share Posted June 19, 2009 Umbrella policies are so dirt cheap because their deductible is usually around $300,000. (regular insurance pays up to that amount) Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 http://news.yahoo.com/s/fool/20090528/bs_fool_fool/rx19332 Try to friggin use google for a change. In 30 seconds, i founds hundreds of links talking about umbrella policies, and found that in general the first $1 million is the most expensive, running up to $300 per year. After that, additional millions in coverage drops, down to $75 for the second million, and as low as $50 for each additional million. So by my math, that means a $5 million policy would cost $525 per year. So keep rolling your eyes. and here you go fignon... I looked under prices and only found sites that would give quotes if you entered in all of your info. Thanks for the link. From your link; Umbrella policies don't typically cover: * Punitive damages. * Intentional acts. * Liability claims related to a business you own (you'll need a business insurance policy for that). So if Stallworth's policy covered punitive damages it had to be a lot different from a typical umbrella policy. Link to comment Share on other sites More sharing options...
Fingon Posted June 19, 2009 Share Posted June 19, 2009 I looked under prices and only found sites that would give quotes if you entered in all of your info. Thanks for the link. From your link; Umbrella policies don't typically cover: * Punitive damages. * Intentional acts. * Liability claims related to a business you own (you'll need a business insurance policy for that). So if Stallworth's policy covered punitive damages it had to be a lot different from a typical umbrella policy. Do you even know what punitive damages are? Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 Do you even know what punitive damages are? Link punitive damages One entry found. Main Entry: punitive damages Function: noun plural Date: 1865 : damages awarded in excess of compensation to the plaintiff to punish a defendant for a serious wrong Link to comment Share on other sites More sharing options...
Fingon Posted June 19, 2009 Share Posted June 19, 2009 Link punitive damages One entry found. Main Entry: punitive damages Function: noun plural Date: 1865 : damages awarded in excess of compensation to the plaintiff to punish a defendant for a serious wrong If you knew anything, you would know that punitive damages can only be awarded by a jury. Even then, a judge usually rejects them, or severely limits them. Of course, with the ignorance you've displayed so far, i highly doubt you would have any idea about the application of such damages. Settlements are NOT considered punitive. Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 If you knew anything, you would know that punitive damages can only be awarded by a jury. Even then, a judge usually rejects them, or severely limits them. Of course, with the ignorance you've displayed so far, i highly doubt you would have any idea about the application of such damages. Settlements are NOT considered punitive. Oops, you're right. (of course this post is going to be followed by one of yours stating that you know you're right.) If it is in fact only a few hundred dollars a year it just seems to be a ridiculously small amount for such coverage. I'd be really interested to see how much extra it is on a policy like Stallworth's. We don't know what his policy is but I'm sure it's a lot different than the average Joe who doesn't own a million dollar house and a Bentley. JMO Link to comment Share on other sites More sharing options...
Fingon Posted June 19, 2009 Share Posted June 19, 2009 Oops, you're right. (of course this post is going to be followed by one of yours stating that you know you're right.) If it is in fact only a few hundred dollars a year it just seems to be a ridiculously small amount for such coverage. I'd be really interested to see how much extra it is on a policy like Stallworth's. We don't know what his policy is but I'm sure it's a lot different than the average Joe who doesn't own a million dollar house and a Bentley. JMO Nothing that has been stated about Stallworth's policy has shown it to be out of the ordinary. Link to comment Share on other sites More sharing options...
Steely Dan Posted June 19, 2009 Share Posted June 19, 2009 Nothing that has been stated about Stallworth's policy has shown it to be out of the ordinary. A policy covering a million dollar house a couple of hundred thousand dollar car and a celebrity target isn't a normal policy I'm sure. For him with his overall insurance costs it's probably a small amount extra if anything at all because his policy is probably so high to begin with. I concede you are probably right about the extra coverage. I'm gonna try to see from my insurance agent what it would cost. Link to comment Share on other sites More sharing options...
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