2007-11-06 12:33:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Insurance
You can be sued for an undetermined sum or leave it up to the court. You can be sued for amounts in excess of your policy limits.
However, attorneys will often only pursue the limit of liability because that is the only money available.
2007-11-06 13:54:02 · answer #1 · answered by Boots 7 · 0⤊ 0⤋
Not true at all, if that were the case there would only be one universal coverage level on insurance.
The insured should obtain coverage upto their liabilities.
For instance:
If you live in a $5 million house, yact, plane etc... You should have a significant liability policy.
If you only have minimum coverages, the "claimant" can seek recovery on their claim with your personal assets.
2007-11-07 01:35:03 · answer #2 · answered by Dimples_in_NJ 3 · 0⤊ 0⤋
It's totally false. You can be sued for more than your insurance limits, and if you get a judgement against you, you will be liable for the difference.
2007-11-06 12:37:09 · answer #3 · answered by TaxDude 2 · 1⤊ 0⤋
definately false you can be sued for more than your liability limits
2007-11-06 13:44:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
False. If you don't have enough liability coverage, you're personally responsible for the difference.
2007-11-06 12:42:23 · answer #5 · answered by Anonymous 7 · 1⤊ 0⤋
wouldn't that be nice....FALSE
2007-11-07 00:04:02 · answer #6 · answered by Queen B 6 · 0⤊ 0⤋