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Thread: liability insurance

  1. #11
    Join Date
    Mar 2011
    Location
    Inland Empire, CA
    Posts
    34
    If you get sued for $2 million and are insured for $500k, plan on wage garnishment for life. Here in the CA courts they deem a life is worth about $1.5M. Now if a bad guy gets killed and the cops give you a medal that's great, his family will still sue because he was a great guy. At the very least the insurance co will settle to get it over with. It's the civil side that will bite you. not the criminal side.

  2.   
  3. Quote Originally Posted by winnre View Post
    If you get sued for $2 million and are insured for $500k, plan on wage garnishment for life. Here in the CA courts they deem a life is worth about $1.5M. Now if a bad guy gets killed and the cops give you a medal that's great, his family will still sue because he was a great guy. At the very least the insurance co will settle to get it over with. It's the civil side that will bite you. not the criminal side.
    Garnish wages? Got proof of your statement?

  4. #13
    Quote Originally Posted by winnre View Post
    If you get sued for $2 million and are insured for $500k, plan on wage garnishment for life. Here in the CA courts they deem a life is worth about $1.5M. Now if a bad guy gets killed and the cops give you a medal that's great, his family will still sue because he was a great guy. At the very least the insurance co will settle to get it over with. It's the civil side that will bite you. not the criminal side.
    Most states allow wage garnishments for judgements, but the amount is limited to 10% of gross wages.

    In any event, if you have a 500K policy it is unlikely that the plaintiff's attorney is going to go forward with the case if the insurance company offers the policy limits. Personal Injury lawyers are in it for the money. They aren't going to put time and effort into a case to collect 1/3 of a 10% wage levy.

    If the insurance company offers the limits they are going to tell their clients to take the money. If the insurance company does offer the policy limits and a larger judgment is awarded, then the defendant has a cause of action against his insurance company for the excess, and typically the defendant transfers that cause of action in exchange for release from the judgement.

    So unless you have liquid assets in excess of 500K, a 500k policy is more than enough. Buying more than that is just increasing the liquid assets of the insurance salesman.

  5. #14
    Join Date
    Mar 2011
    Location
    Inland Empire, CA
    Posts
    34
    I make 6 figures, they will come after me. Proof of my statement? I offer these three things, just put 2 and 2 and 2 together.

    1. During CCW class the instructor told us what civil settlements run in the courts, i.e. what a life is worth.
    2. I once sued a guy who was broke. My judgement was good for 15 years. I sold the note to a collections agency.
    3. A workmate recently won a judgement for five times what the other guy was insured for. He was all depressed that he would never see the money, but lawyers are coming out of the woodwork to assist in collection, for a modest fee.

    But the extra insurance is only $226 a year for me. If the money is more important to you, then don't buy it.

  6. #15
    Join Date
    Aug 2009
    Location
    MA, Away from the liberal loonies...
    Posts
    2,658
    How sad it is we have this discourse... Someone armed with a gun, knife, hammer etc... attempts to enter my home and take goods from me. Threatens my life and or the lives of my family members in the process of protecting him/herself while in the commission of a felonious act. I defend myself by shooting him/her, stabbing him/her, etc... The attempted robber dies as a result of the injury I inflict. The family of the "someone" decides his/her life was worth some amount of money and decides to come after me for it via a law suit.

    Now the justice system facilitates another robbery attempt. I having initiated none of the events by any actions of mine, have to worry about $$ while in the process of defending myself from people who wish to take more of my $$ without providing me with any goods or services in exchange for it. The new "American Way"...
    You can give peace a chance alright..

    I'll seek cover in case it goes badly..

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