Posted by Bronchick on September 30, 2003 at 11:31:11:
Insurance will generally cover slip and fall cases, but only to the extent that insurance covers the claim. For example, if you carry $500,000 in coverage and someone cracks their skull and becomes permanently disabled, you can be looking at a jury verdict of $1M or more. Also, if you fail to report the claim timely, you may get coverage denied. There also may be exceptions in the policy that won’t cover the claim.
In short, carry insurance and plenty of it, but prepare for the worst - own your real estate in corporate entities, not your own name.
Posted by John Merchant on October 05, 2003 at 22:18:37:
The coverage in your insurance policy that covers liability claims is “liability” section of policy, as opposed to Fire & Flood.
So when you do buy your insurance just make sure it does include liability coverage, to max you can afford…and like Bill B says, do NOT own that RE in your own name, but use corp or LLC for insulation, because then, no creditor could go beyond the assets in THAT corp or LLC, and couldn’t generally reach beyond same to YOUR assets.
To do so, the party suing would have to prove YOU personally were liable to them, and that might prove impossible for them.