Quote:
Originally Posted by jyl
You mean, liabilities not covered by, or exceeding the limits of, the insurance? Like someone gets sloshed and falls during a wedding and becomes a quadriplegic and is awarded $20 million?
Good question. Our neighborhood association has bank accounts but no other assets. Our board and volunteers are covered by a $1 million liability and D&O policy, which I need to review. We could buy lots and lots more insurance coverage, I guess. Maybe structure a holding company.
|
Your example is exactly what I was getting at in terms of liability and insurance needs. You need to insure (ha! no pun intended!) that your liabilities are covered in the event someone decides to go the lawyer route after an incident that they believe requires you to pay them.