Wanting "Umbrella like" insurance policy, High risk carrier w/ potential issues

[JeffJarrett]

Hi,
I am currently in a situation where I am looking for an umbrella policy. My situation I'm currently in puts me at high risk and I'm wondering if anyone would insure it. I realize this would be very expensive but does anyone know of anything available? Let me first explain my situation.

I was involved in an auto accident. It was over a week ago. I have not been cited/charged for anything. Nobody has been declared at fault. While I personally don't believe I was at fault it doesn't matter what I think, and I may or may not be considered at fault. Certain things that have been noted show that I was definitely not 100% responsible. I immediately submitted and agreed to take a urine test to prove I was not impaired by any drugs/alcohol which has been verified. I cant really talk more descriptive about it given its an ongoing investigation

The other automobile had 4 college students in it. One died on the scene and last I heard multiple are still in critical condition. It occurred in Ohio. I went to the ER myself but was released same day and am basically fine and wont have any longterm issues. I was told one of them was in a similar situation

My insurance only covers 25K bodily/50K max. I have no clue what there's covers.

So I do not know if a wrongful death / personal injury suit is coming but there is a chance.

So would anyone insure someone in this case? I realize the price would be high. If not, would it be possible with certain caveats. I'm just making things up but say I cant be charged with vehicular manslaughter or anything worse. Or maybe failure to yield or speeding or whatever.

Also there's the issue with my current coverage only covers 25k per person / 50K max.

So if there's anyone that can provide any type of insurance out there, yes I realize its not going to be cheap or would need additional details to make a determination I would be interested.

Thanks,
Jeff

 

[VolAgent]

Not going to happen.

1. The incident has already happened, even if you could get coverage, it won't cover prior acts.
2. With an open claim, I can pretty much guarantee you that no one would write a policy. Even though there wouldn't be coverage, too likely they would get dragged in to it anyway. There may exist someone somewhere, but I wouldn't hold my breath and you still wouldn't have coverage for what has already happened.

You should fully expect to be sued. With low limits like that, I wouldn't be surprised if the carrier just offered them up and tried to get away from it all. Defending it could easily exceed the liability limits, so easier and cheaper just to pay it and be done. If the carrier can get the families to accept it as payment in full, you're in good shape on the civil front. If not, they could still sue you and you would be on your own to pay for your defense.

Criminally, it is completely up to the local DA and if they feel they can get a conviction or you to plead out.

Higher limits would have helped, although not sure you could have gotten limits high enough in this case. With more skin in the game, the company would be more likely to defend you so as to avoid paying out. With 4 college students, one already dead and multiple in critical condition, a judgement could easily be in the millions.

If someone dies in an auto accident that's my fault, what can happen to me? | Bart Durham Injury Law

 

[JeffJarrett]

Thanks for the response. I assumed it was unlikely this would exist but figured I could see. Given I don't have a ton myself and my insurance limits are low I would not expect them the to try to get a judgement too high for fear of chapter 7 or 13 and getting nothing. Obviously this doesn't necessarily help an umbrella insurance policy company but could.

 

[adjusterjack]

Given I don't have a ton myself and my insurance limits are low I would not expect them the to try to get a judgement too high for fear of chapter 7 or 13 and getting nothing.

Don't count on it. That's a common misconception.

Injury Plaintiffs don't back away from seeking a judgment because of a possibility that a defendant may file for bankruptcy.

Same goes for any other type of creditor. Once they get a judgment, the loser has to decide whether or not to file bankruptcy to get out from under the debt.