liability insurance
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liability insurance

This is a discussion on liability insurance within the Concealed Carry Discussion forums, part of the Main Category category; As of now I'm covered for 500,000 bucks for homeowners insurance for personal protection in the event I take someones ...

  1. #1
    Join Date
    Feb 2011
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    36

    Default liability insurance

    As of now I'm covered for 500,000 bucks for homeowners insurance for personal protection in the event I take someones life in self defense with CCW. You think its enough? Each occurance is 500 thou...

  2. #2
    Join Date
    Dec 2008
    Location
    Missouri
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    Interesting that you found an insurance company to take on that risk.

    As for is 500K enough, who knows. All depends on the circumstances surrounding your need to defend your life with a firearm.

  3. #3
    Join Date
    May 2009
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    What state are you in? If in Florida it isn't necessary. Our castle laws protect the self defense shooter. If you aren't charged in the shooting, you can't be sued.

    Check your state statutes, you might me wasting money.

  4. #4
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    Nov 2009
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    It depends on your assets. Do you have more than 500K that couldn't be protected in the event you were sued? State creditors can't each an IRA or 401K. Most states will allow judgment creditors to file a judgement lien against a homestead but won't let the creditor foreclose the lien on a personal residence. Business property should already be in a separate entity.

    So lets say you have 350K of hard assets at risk. 500K is more than enough. In fact, 250K might be more than enough because a lawyer looking at policy limits (hard cash, or a "bird in hand)) versus the risk of trial for nothing more than the right to try to collect the additional 100K (a risky bet, or "two birds in the brush") is going to advise his client to take the policy limits.

    If the plaintiff offers to settle for the policy limits (250K) but the insurer refuses to so, thereby exposing you to a potential higher award, then most states allow you to transfer your cause of action against the insurance company to the plaintiffif the jury awards an amount higher than your policy limits. This allows the plaintiff to recover the excess award from your insurance company.

    The number one rule is don't over insure your liability - all you are doing is spending money for the benefit of the person you injure.

    Instead, you should spend the extra insurance premium dollars on disability or accident insurance for yourself in case you are injured by someone with very little insurance or no insurance.

  5. #5
    Join Date
    Feb 2010
    Location
    Charleston, SC
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    137

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    Have read your policy? Does it not exclude liability for "intentional acts?"
    The Founders Got It Right - Back To The Constitution
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  6. #6
    Join Date
    Feb 2011
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    36

    Default

    Quote Originally Posted by kudzu View Post
    Have read your policy? Does it not exclude liability for "intentional acts?"
    It does include intentional acts only in defense of persons or property, with reasonable force. My broker insists it covers me outside the home, but I am not convinced I'm covered outside the home under my renters insurance. A seperate umbrella policy is needed.

  7. #7
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    Nov 2009
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    renter's insurance? 500K liability coverage? Why?

  8. #8
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    Mar 2011
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    Quote Originally Posted by nogods View Post
    It depends on your assets. Do you have more than 500K that couldn't be protected in the event you were sued? State creditors can't each an IRA or 401K. Most states will allow judgment creditors to file a judgement lien against a homestead but won't let the creditor foreclose the lien on a personal residence. Business property should already be in a separate entity.

    So lets say you have 350K of hard assets at risk. 500K is more than enough. In fact, 250K might be more than enough because a lawyer looking at policy limits (hard cash, or a "bird in hand)) versus the risk of trial for nothing more than the right to try to collect the additional 100K (a risky bet, or "two birds in the brush") is going to advise his client to take the policy limits.

    If the plaintiff offers to settle for the policy limits (250K) but the insurer refuses to so, thereby exposing you to a potential higher award, then most states allow you to transfer your cause of action against the insurance company to the plaintiffif the jury awards an amount higher than your policy limits. This allows the plaintiff to recover the excess award from your insurance company.

    The number one rule is don't over insure your liability - all you are doing is spending money for the benefit of the person you injure.

    Instead, you should spend the extra insurance premium dollars on disability or accident insurance for yourself in case you are injured by someone with very little insurance or no insurance.


    Good advice.
    GOD, GUNS and GUITARS

  9. #9
    Join Date
    Nov 2009
    Location
    Tennessee
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    60

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    Most states with CC have castle laws, I would check into this as mikecu suggests.
    Quote Originally Posted by mikecu View Post
    What state are you in? If in Florida it isn't necessary. Our castle laws protect the self defense shooter. If you aren't charged in the shooting, you can't be sued.

    Check your state statutes, you might me wasting money.
    America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.
    Abraham Lincoln

  10. #10
    Join Date
    Feb 2011
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    36

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    NJ doesn't have a castle doctrine or stand your ground.

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