Good By

Good luck getting boat insurance under your umbrella policy. Hit one of
those 5M power yachts docking your boat or in the channel and you are
screwed. You will lose everything!


Roger Long wrote:
The more I looked into the insurance thing, the worse it got.

Thanks to all of you who helped make flying as interesting and
rewarding as it was for me.

No need to reply. I am un-subscribing from this newsgroup and putting
all things to do with aviation out of my mind for a while. I need to
focus on other things like working on the 32 foot sailboat I'm going
to sail to Newfound and Labrador in a few years. It's not like I
won't be having fun and some grand adventures.

First off, Roger doesn't need a million dollars of smooth coverage as a
rider on his home insurance to safely fly... This is the straw man his
concious mind has put up... Since he knew ahead of time that he can't
get a million dollars of smooth coverage he now has an excuse to
gracefully withdraw from the field of combat... Let him go and wish
him well...

I know all that, Denny -- but I also know Roger pretty well. We have
emailed "off-group" extensively over the years, and I know that he *needs*
to fly. It's not a "want" thing, with Roger -- it's a pathological
requirement for him.

In this, we are brothers. And it's going to kill him to be stuck on the
ground.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

I am sorry to hear that Jay, I truly am...
Liability insurance is just a mechanism to prevent your property from
being seized by our dysfunctional judicial system...
I simply pointed out that congress has in it's wisdom a true rarity
provided another mechanism called trusts for exactly the same purpose
....

denny

"Robet Coffey" wrote in message
news:A0FNf.12610$XE6.4214@trnddc07...
Good luck getting boat insurance under your umbrella policy. Hit one of
those 5M power yachts docking your boat or in the channel and you are
screwed. You will lose everything!

Naaah, high levels of liability insurance for sail boats is very reasonable.
Hard to do much damage when you are doing a couple of knots. Collisions are
nearly unheard of except when racing.



Roger Long wrote:
The more I looked into the insurance thing, the worse it got.

Thanks to all of you who helped make flying as interesting and rewarding
as it was for me.

No need to reply. I am un-subscribing from this newsgroup and putting
all things to do with aviation out of my mind for a while. I need to
focus on other things like working on the 32 foot sailboat I'm going to
sail to Newfound and Labrador in a few years. It's not like I won't be
having fun and some grand adventures.

Robet Coffey wrote:
Good luck getting boat insurance under your umbrella policy. Hit one of
those 5M power yachts docking your boat or in the channel and you are
screwed. You will lose everything!

That's absurd. My ($3M) umbrella covers the liability on my boat.

"sfb" wrote in news:QCCNf.32774$%v4.19984@trnddc03:

Sounds like a great plan until somebody gets a judgment against your
future earnings so all those toys you now have protected in trust
might be all you ever have.

"Denny" wrote in message
oups.com...
Getting through life is a series of compromises... And sometimes the
concious mind has to put up a straw man to justify what the
subconcious
has decided to do...

First off, Roger doesn't need a million dollars of smooth coverage as
a
rider on his home insurance to safely fly... This is the straw man
his
concious mind has put up... Since he knew ahead of time that he can't
get a million dollars of smooth coverage he now has an excuse to
gracefully withdraw from the field of combat... Let him go and wish
him well... You can check in on him at rec.boats.cruising...

For those who may be concerned, "Gee, do I need a million dollar
rider on my home insurance to protect my assets?", let me suggest
that you spend a couple hundred dollars on a lawyer to draw up a
family limited trust and put your house(s) and property(s) in trusts
hint, hint, Jay... That protects them from being seized, in
perpetuity, to pay off
any judgement against you... You need to also create separate trusts
for each boat, car, timeshare, business, and plane, that walls each
item off from being attached due to a judgement against another
item...
i.e. crash the car into a school bus and they can't take the plane or
your business...

cheers ... denny




You dont even need that in many states, check your states judgement and
bankrupcy laws before you get to excited....

--
-- ET :-)

"A common mistake people make when trying to design something
completely foolproof is to underestimate the ingenuity of complete
fools."---- Douglas Adams

On Wed, 08 Mar 2006 17:09:38 GMT, ET wrote:

"sfb" wrote in news:QCCNf.32774$%v4.19984@trnddc03:

Sounds like a great plan until somebody gets a judgment against your
future earnings so all those toys you now have protected in trust
might be all you ever have.

"Denny" wrote in message
oups.com...
Getting through life is a series of compromises... And sometimes the
concious mind has to put up a straw man to justify what the
subconcious
has decided to do...

First off, Roger doesn't need a million dollars of smooth coverage as
a
rider on his home insurance to safely fly... This is the straw man
his
concious mind has put up... Since he knew ahead of time that he can't
get a million dollars of smooth coverage he now has an excuse to
gracefully withdraw from the field of combat... Let him go and wish
him well... You can check in on him at rec.boats.cruising...

For those who may be concerned, "Gee, do I need a million dollar
rider on my home insurance to protect my assets?", let me suggest
that you spend a couple hundred dollars on a lawyer to draw up a
family limited trust and put your house(s) and property(s) in trusts
hint, hint, Jay... That protects them from being seized, in
perpetuity, to pay off
any judgement against you... You need to also create separate trusts
for each boat, car, timeshare, business, and plane, that walls each
item off from being attached due to a judgement against another
item...
i.e. crash the car into a school bus and they can't take the plane or
your business...


Different Roger:
I do not cary a rider on my home owners or any other policy...well...
with the exception of my ham antenna tower which is the only way I
could get it insured for the full value.

Actually people whould have those trusts set up any way even if they
don't have a lot of toys.

A person should own little while the trust, or trusts should own darn
near everything. Just don't put your airplane and car in the same
trust as they rest of your belongings.

With a trust, or trusts properly set up along with a will, you can do
a lot of stipulating, some times called "control from beyond the
grave". Plus, if you buy the farm, a trust can save those left
behind a lot of grief.

I can't imagine not having a trust set up.

But trusts and probate are handled differently in different states.

Roger Halstead (K8RI & ARRL life member)
(N833R, S# CD-2 Worlds oldest Debonair)
www.rogerhalstead.com

1
cheers ... denny




You dont even need that in many states, check your states judgement and
bankrupcy laws before you get to excited....