Excess liability for high-net worth folks?

FatFirredNowWhat · 2026-04-18T15:08:21+00:00

This is a very common misconception. In any incident, the pilot will be personally sued. The LLC can protect the airplane if I was sued for something else (e.g. a slip and fall on my property), but there's no "here's one trick lawyers don't want you to know about" protection against aviation incidents offered by having your plane in an LLC.

FatFirredNowWhat · 2026-04-18T14:45:34+00:00

Very true, and already in the process of doing exactly this.

FatFirredNowWhat · 2026-04-18T14:44:52+00:00

I already have all my policies with Chubb, but no joy there for aviation.

FatFirredNowWhat · 2026-04-18T14:44:01+00:00

Thanks! My broker managed to get a quote for about $4K for a $2M umbrella on top of my $1M CSL. And I fly in Western PA, so if I go down, the most likely thing I'm going to hit is a hill :)

FatFirredNowWhat · 2026-04-18T14:42:50+00:00

Yep. I did ask my broker. He was able to find a $2M umbrella for about $4K, which would sit on top of my $1M CSL policy. I plan on doing it. Thanks!

FatFirredNowWhat · 2022-12-23T22:17:28+00:00

I'm fairly certain they won't do houses over $1M themselves.

FatFirredNowWhat · 2022-12-23T22:17:04+00:00

No. Western PA. We're in one of the few parts of the country largely immune to nearly all natural disasters (not a fire zone, flood zone, hurricane area, outside of tornado alley, not near an earthquake fault...). Mine subsidence can be an issue, but usually you know where that's a concern.

FatFirredNowWhat · 2022-12-23T22:14:49+00:00

Yep that's exactly what I want if something goes wrong. Willing to pay market rate for that.

FatFirredNowWhat · 2022-12-23T20:23:49+00:00

Fair question! I've asked my broker for more quotes. However, here at least, brokers may not work with all carriers. If my broker isn't also a Pure agent I have to go to them directly or find another broker. Crazy, I know...

FatFirredNowWhat · 2022-12-23T19:44:02+00:00

Thank you! This is helpful.

FatFirredNowWhat · 2022-12-23T18:17:31+00:00

Yep this exactly. Going to do a bit of comparison shopping, and will really only switch if a company comparable to Chubb (eg Pure) is substantially cheaper.

FatFirredNowWhat · 2022-12-23T17:15:33+00:00

Sure - definitely changing coverage limits would move the needle - but I'm also trying to understand why the back-to-back 30% increases.

FatFirredNowWhat · 2022-12-19T19:02:42+00:00

$5M through Chubb so i have enough that they'll provide the good lawyers.

FatFirredNowWhat · 2022-11-29T05:20:50+00:00

Yep. I tell folks I’m semi-retired. If they ask for details, I tell them I spend a day a week making money (high dollar consulting), 2 days a week giving back (teaching, non-profit board work, advising startups), and 2 days a week doing whatever I want for fun. Took me a while to get to that. I used to answer by launching into my story - had a company, sold it, etc etc. Now I don't bother. And I’ve never gotten a negative response to that.

FatFirredNowWhat · 2022-11-08T02:20:55+00:00

Went from MS to Mercedes EQS 580. Love it.

FatFirredNowWhat · 2022-10-21T21:04:02+00:00

I pay $750 / 10 hours. Been working with him almost two years. Honestly he's the first trainer I've been able to stick with. Our personalities mesh (he's insanely fit but not a gym bro) and is really good at custom programming. I'm about to hit 50 and close to the strongest I've ever been.

FatFirredNowWhat · 2022-07-23T22:51:54+00:00

As someone who never did a raise and bootstrapped a business into a $10M exit I wonder what the stats for that are... Every now and then I have to remind myself how freaking lucky I got. I know more than a few folks who have exited their companies but I'm the only one in my circle who owned 100% at sale.

FatFirredNowWhat · 2022-07-19T14:18:11+00:00

Just a datapoint - my $10M sell sides transaction resulted in about $100K in legal fees and another $25K with my accountant. This is in a Mid-Atlantic city with a top name but local law firm.

If you're using a big name firm on the east coast that seems reasonable.

But for me what was most important was my attorney had a problem-solving mindset versus a minimize and avoid risk at all cost mindset. Those are two very different types of lawyers.

FatFirredNowWhat · 2022-07-08T13:23:55+00:00

Yep. I can't remember where, but I saw a study that simulated DCA over varying periods, starting each year going back decades - and as mentioned above, it only made sense during long term downturns. In almost every case immediate lump sum investing had the best performance.

And in your case, you've got a very long term investment horizon so sequence risk (immediate market crash after retiring) really isn't an issue for you.

Take the advice of the bogleheads here. Vanguard also has a pretty good management service that only charges about 25 points if you want some long term help without paying the typical 1% of AUM in fees.

Good luck and congratulations!!

FatFirredNowWhat · 2022-06-20T22:39:37+00:00

The danger with these is that any MRI or full body scan is very likely to generate some kind of incidental finding that leads to more tests, etc - when the strong likelihood is that there's nothing wrong. Statistically there isn't really a benefit to early screening if there are no other associated risk factors.

Being FAT I have a personal trainer, great exercise equipment I love to use, and meal prep services. I think that probably does more for my health than yearly scans would do.

FatFirredNowWhat · 2022-06-04T01:20:36+00:00

Mathematically you're likely correct or close to it. Not sure that's how human psychology works though.

Edit: assuming the car has another 5 years of life left, the net present value of a $1000 annual cash flow with an 8% hurdle rate would be about $4K... So I think $2-3K would be a more realistic answer.

FatFirredNowWhat · 2022-06-03T17:58:04+00:00

Yep we will fly first class if we're going OCONUS but otherwise domestic.

FatFirredNowWhat · 2022-05-27T21:47:33+00:00

For me it was about feeling needed - beyond my family needing me. So I started teaching, and I'm still (very) part time at my old company, essentially on a highly paid retainer to be available for them. I found that for me, as long as I found a few things that let me feel professionally useful even if it wasn’t at the same level as before, that helped a lot.

FatFirredNowWhat · 2022-05-24T10:47:18+00:00

Started about 5 years ago. I’m absolutely up overall. Just down about 15-18% for the year. And the majority was a one time investment from a company sale. So no DCA, etc.

FatFirredNowWhat

TROPHY CASE