A large damages judgement not covered by insurance could result in a lifetime's accumulation of wealth being wiped out in an instant.
I realise that most landlords will have $5m, $10m or even $20m worth of public liability insurance.
However, I do have some questions...
Obviously, on being notified of any potentially large claim, the first thing the PL insurance company will do is search frantically for any legal excuse not to pay it at all, and leave the property owner/policyholder fully exposed.
Can anyone think of any circumstances where a tenant might successfully sue a landlord for something, and the resulting damages WOULDN'T be covered by the PL policy? I assume incidents resulting in serious injury or death would result in the largest claims (in the $millions), and presumably in every instance the landlord will be accused of some sort of negligence. Would PL insurance still cover this?
If the investor uses a property manager to manage the portfolio, the manager (not the owner) will probably do most of the actual property inspections. If the manager misses something that results in tenant injury and a damages judgement against the owner, how does this work? Who is liable?
Has anyone on this forum been sued by a tenant? If so, what happened?
I realise that most landlords will have $5m, $10m or even $20m worth of public liability insurance.
However, I do have some questions...
Obviously, on being notified of any potentially large claim, the first thing the PL insurance company will do is search frantically for any legal excuse not to pay it at all, and leave the property owner/policyholder fully exposed.
Can anyone think of any circumstances where a tenant might successfully sue a landlord for something, and the resulting damages WOULDN'T be covered by the PL policy? I assume incidents resulting in serious injury or death would result in the largest claims (in the $millions), and presumably in every instance the landlord will be accused of some sort of negligence. Would PL insurance still cover this?
If the investor uses a property manager to manage the portfolio, the manager (not the owner) will probably do most of the actual property inspections. If the manager misses something that results in tenant injury and a damages judgement against the owner, how does this work? Who is liable?
Has anyone on this forum been sued by a tenant? If so, what happened?