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post #29 of Old 03-17-2013
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Re: Professional Liability Insurance for delivery or hiring crews

Originally Posted by Minnewaska View Post

Originally Posted by JonEisberg
.....I'm sure it's just a matter of time before I sink some client's million dollar baby, his own insurance refuses to cover the loss, and he turns to me for payback...
That's the rub. Even if the owner's insurance pays him, the insurance company may pursue you (subrogation) if you are the one that caused them the loss.
Yup, another good point...

For over 20 years of shooting IndyCar racing for a corporate client, I was required to carry my own liability insurance. I was able to obtain an umbrella policy that covered all of my professional activities, so I was presumably covered in the kind of situation we're talking about...

After I stopped shooting racing, I kept the policy for another year or so... When the economy went into the dumper, and the delivery business along with it, I let the coverage lapse, it simply wasn't worth it, along with other business expenses such as the ad I was running in POWER & MOTORYACHT... Now that business seems to be picking up again, I may have to re-visit the issue...

However, my recent/current experience - one that is shared with virtually everyone else in my neighborhood - with insurance companies in the aftermath of Hurricane Sandy, is a sobering reminder that unless they happen to be in an unusually charitable mood, insurance companies are not in the business of "ensuring" anything... In this particular instance, I would have been ahead of the game had I carried no homeowner's insurance whatsoever for the past 20 years (my last claim was over 30 years ago), and "self-insured" instead... So, on some level, I remain unconvinced that a liability policy would afford a truly bulletproof guarantee in the event someone having no real understanding of boating/sailing becomes convinced I was truly negligent...

I'm afraid Andrew is correct, the insurance guys and their lawyers ALWAYS win, in the end...

And, when they don't, we as taxpayers and policy holders will wind up bailing them out, anyway... (grin)
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