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Interview Transcript
Deb Hartman:
Our friend, Pat Brown from the Holt Dimondale Insurance Agency is joining us again today. What is your definition of CYA?
Pat Brown:
In the insurance world.
Deb Hartman:
In this context.
Pat Brown:
It’s cover of your assets.
Deb Hartman:
Yes.
Pat Brown:
When you’re getting older, the dream is to have a house, have some vehicles, have some money, have a family, have a car, have some animals, maybe a swimming pool in the back. It’s the American dream.
Deb Hartman:
Right.
Pat Brown:
But what happens in one fell swoop, if it’s all gone? It’s gone, just because of something you might have done that you thought was so innocent, maybe you thought it was just something that you became a liable for.
Deb Hartman:
Okay.
Pat Brown:
So again, cover your assets. How do we do it?
Deb Hartman:
How do we do it?
Pat Brown:
We do it with an umbrella. Let’s look at this. You’re the cause of a car crash. You have friends with you in the car.
Deb Hartman:
Okay.
Pat Brown:
And they’re injured seriously. Maybe you slid on the ice and so on. And they figured out, “You know what? I’m going to get some money,” and they’re going to sue you. Okay? They can now.
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Deb Hartman:
Okay.
Pat Brown:
Here’s a great one. Child posts. You want to see? Where the is it? Child posts, unseemingly harmless pictures on social media. And somebody says, “We don’t like that,” for libel, slander, that kind of stuff. ATV crash. Maybe you have a dog bites your neighbor.
Deb Hartman:
Right.
Pat Brown:
That’s a give me right now.
Deb Hartman:
Right.
Pat Brown:
You serve alcohol at a child’s graduation. There’s another one. And maybe because you have a swimming pool, or maybe you have a trampoline, somebody gets really injured.
Deb Hartman:
Yeah.
Pat Brown:
Based upon, “We thought it was really safe,” and it’s not. You become liable.
Deb Hartman:
So why is it important to have umbrella protection?
Pat Brown:
Well, we all have insurance policies. You have auto, you have home. You have limits on there.
Deb Hartman:
Okay.
Pat Brown:
And you figure, “Hey, I’m pretty good.”
Deb Hartman:
Yeah. All covered.
Pat Brown:
“Everything is good, let me just call my agent,” and somebody sues me for $500,000, but the award goes to 1.5 million.
Deb Hartman:
There’s a gap.
Pat Brown:
Now what?
Deb Hartman:
That’s a gap.
Pat Brown:
Now it’s a gap you’re going.
Deb Hartman:
I don’t want that coming out of my pocket.
Pat Brown:
All that’s gone now.
Deb Hartman:
Because I don’t have it in my pocket.
Pat Brown:
Never fear, umbrella man is here.
Deb Hartman:
That’s fantastic. What am I going to pay for this umbrella, Pat?
Pat Brown:
Well, you’re going to pay… I pay $118 for mine.
Deb Hartman:
A year?
Pat Brown:
Yes.
Deb Hartman:
Okay. That’s pretty good return on investment if you’re getting sued for a million dollars.
Pat Brown:
If your insurance agent is able to really work with you, find some loopholes or find some risk that maybe you didn’t see before. And they were able to uncover those, they figured it out, and give us a call.
