Posted by Bruce on March 28, 2010 at 10:42:28:
Thanks! Hopefully, that should prevent all my hard-earned personal assets from ever being drained, even though I always maintain my properties…Bruce
Lawsuit piercing through LLC? - Posted by Bruce
Posted by Bruce on March 28, 2010 at 07:56:48:
I am hearing that if a tenant breaks his neck on my property, and files a lawsuit, that his attorney could quite likely not stop with the insurance liability protection provided within my LLC, but would most likely proceed to go after my personal assets. I also undertand that I can and should protect myself by taking out a separate policy (I believe outside my LLC, that protects my personal assets against such action).
I would appreciate it someone could tell me how much liability protection should be considered and how much I can expect to pay for such a policy, which I understand is held by me personally and not my LLC. I mostly have single family residential and multi-units. Thanks…Bruce
Umbrella Coverage - Posted by John Merchant
Posted by John Merchant on March 28, 2010 at 10:06:31:
UC is what you’re wondering about and your Ins Agent can quote you rates and coverage amounts.
UC starts where your liab policies stop on auto, home and other RE pols and normally go to $500k or #1M or more, depending on what you’re willing to spend.