QuestionQUESTION: Here in Massachusetts, an injured motorcyclist is claiming insurance limits on my policy and my insurance company is settling at the limit, 40K injury to others, line 1, and optional bodily injury to others, 40K, line 5. Now the cyclist's attorney sent an affidavit of assets to me in order to recover more from me than I'm insured for. To quote: "...it is important that we review the assets of the parties in order to determine whether or not we have underinsured motorist coverage available and other options to pursue." I did not cause the accident, didn't even have contact; he was speeding in a 20 mph zone and wiped out. I own a home but otherwise have extremely thin assets. I own a 2002 Saab, 97 Windstar and a 98 Windstar. Any thoughts? I wonder if I'll be left alone in the end or bluffed into trying to settle for some X thousand dollars. Given the choice, I'd fight this ambulance chaser in court. Can I counter sue for annoyance suffered?
ANSWER: HI Dave,
It sounds like the attorney is intending to pursue an Uninsured/Underinsured Motorist claim against the motorcyclists own policy. In order to do so he has to prove that anyone else involved in the collision does not have any remaining insurance and/or assestes that he can pursue. However, you should first discuss this with your insurance company. Ask if they are getting a signed release in exchange for your policy limits. Ask if there is any chance that you could be exposed to being sued for amounts in excess of your policy limits. If you do not get straight answers that you feel comfortable with, you should seek the advise of an attorney in your area prior to providing any information to the other side or signing any documents.
I hope this helps
Richard Hixenbaugh
---------- FOLLOW-UP ----------
QUESTION: Hi Richard, yes, you have been very helpful. Commerce is getting a signed release in exchange for my policy limits. I asked if there was any chance that I could be exposed to being sued for amounts in excess of my policy limits and they said yes, it can't be ruled out, but that it's not the norm. When I submit the affidavit, am I more-or-less admitting fault? I hope that I'm not because that's not my intention. Commerce decided to admit fault on my behalf because they didn't want to use up my policy coverage in going to court - which I don't mind saying would be laziness were money not the issue, but I understand that there's less expense on their part to lay down and play dead rather than doing the work to win a case based on the evidence. With my thin assets being old cars and about 60K ownership of my house (the bank owns the rest), would you say that I'm not worth the cyclist's attorney's effort to collect from? (If so, for once laziness might work in my favor...)
AnswerHi Dave,
Sorry for the late response.
At this point it is not possible to say what the attorney wight do. It would be in your best interest to seek the advise of an attorney to protect your interestes. I can not speculate on what the attorney may or may not do because that will not help you if he does the oposite that I may suggest. Only an attorney that is licensed in your state can advise you from this point forward. Please take my advise and speak to an attorney as soon as possible.
I hope this helps
Richard Hixenbaugh
