Thoughts about CCW insurance

[BadShot]

Caught an ad on another site and decided to take a look. My google-fu is weak today, so I figured I'd just see what if anything other folks thought. I'm in no way endorsing or discouraging this, but rather am just wanting to see what the hive mind thinks.

MMD Brokers (http://www.mmdbrokers.com/)
http://www.mmdbrokers.com/

[Irving]

I read the whole front page, and their page about why your insurance policy won't cover it. I'll have to think on this and get back to you.

I do know of a case where an insurance company paid to defend a guy who shot someone driving down his driveway. The instance was that the shooter was insured with the company for his business, and had requested that his agent come to his home and talk about other possible insurance. The insured was messing around with his rifle, and was looking at the agent as he was driving down his 1/4 mile long driveway. The dummy pulled the trigger and shot and killed the agent through his front window. The insured argued that the insurance company should have to pay the damages since the agent was coming to talk about business (even though shooting the guy in the head had nothing to do with his business), and to avoid being sued in court, the insurance company just paid the 2 million dollars policy limit.

That is an unusual case though, and doesn't really apply here.

[Irving]

Some things I want to look at are what it says about open carry. This is being presented as CCW, but I will find out if that is just how they are marketing it or what.

Also, I need to look into that Pre-paid legal stuff. I don't know anything about pre-paid legal, but I assume that there are limitations on what it covers. I'm reading the policy language now.

[bczandm]

I am very interested to hear what everyone has to say. Is it worth it? I know that's a tough call, best money you ever spent if you end up with a valid claim.
I am seriously considering getting the coverage, but I'm not sure how it would impact my homeowners. I know, or think I know, that it could conflict and create issues. Any insurance agents here know if that might be true?
Bob

[Irving]

It won't affect any other insurance at all. In the event that you have some other policy that offers coverage, then this coverage will be excess coverage and will not kick in unless the other coverage is exhausted first. For the most part, no insurance messes with any other insurance. Any complication would just be between companies deciding who would pay for what, but that wouldn't be your problem. If you have two of the exact same policy, there may be an issue, but this isn't the same as home owners.

This coverage won't cover you if you are convicted of any crime. Once you are convicted, you have no coverage from them. However, if I understand it correctly, they will pay for your criminal defense. I'm unclear at this point if you owe them the court costs if you are determined guilty of a crime, or if they will eat the cost of the defense, and then no longer offer any coverage for any other damages that arise from the event.

There are some distinct advantages to this policy, such as covering you in any situation where you are allowed to carry, where as your state's castle doctrine will not (very important here in Colorado). Also, just like a regular auto or home owners policy, if you are at your residence, you immediate family (that live there) and even family that is visiting are covered as "insureds" on your policy.

Personally, I'm a little unclear about how Castle Doctrines work as far as shielding you from being sued. I'm under the impression that if you are within the Castle Doctrine of your state, then you have no civil liability and any lawsuits aimed at you will be thrown out of court, but I'm not sure and haven't verified that yet. If that is the case, then this policy is worth more here than it would be in Texas for instance.

One thing I couldn't find on the website was the duration of the policy (I assume it is for one year), and if there is a per occurrence amount, or if it is just an aggregate amount of whichever you choose.

EX: If you are a business and have a general liability policy with limits of $1 million / $2 million. The insurance company will pay out up to $1 million per claim, and only up to $2 million per policy period. So if you had 3 claims of $750,000 in one police period, then you will have an exposure of $250,000 that isn't covered.

As far as the CCW thing, you don't have to be carrying concealed, the policy just requires that you have a current permit.


The important thing to look for on any kind of insurance policy is what is covered, what is excluded, and the liability limits.
Here is the link to the policy language that will answer those questions:

http://www.mmdbrokers.com/CCW%20Policy%20Form.pdf (http://www.mmdbrokers.com/CCW%20Policy%20Form.pdf)

[TFOGGER]

I have a friend that does contract work for one of the security companies, and he has a 2 million dollar personal liability policy that includes legal coverage, and costs him about 1300 a year. It covers him both on and off duty in case of negligence, as well as providing coverage for legal services.

[Irving]

If he does contract work, does he work under a business name?

[TFOGGER]

If he does contract work, does he work under a business name?

As a private(1099) contractor for a well known security company. It was his contracting to them that required he obtain liability insurance in his own name. If he was working for them full time as a regular employee, then the company would be obligated to cover him under their own insurance, but he is a part time/limited time contractor.

[Irving]

$1,300 a year doesn't sound too bad for what the coverage is for.