by Guest » Mon Mar 17, 2008 07:00 am
my husband was in an accident which they found him at fault for, we just recieved a law suit for 100,00. Our policy doen't cover that much. We have money in our account that is our life savings to build a house. Can they take it from us.
Posted: Mon Mar 17, 2008 10:02 am Post Subject:
First try not to panic! Almost all lawyers ask for the moon, if they are only asking 100k, they may well settle for half of that! ...Second have you turned in this claim to your insurance company? Hopefully you have you need to call them now and get the suit papers to your adjuster they will answer it, and defend you (provide an attorney)...Your company will do all things possible to settle your claim within your coverage limits...Do you know what they are (your limits)? Please let us know any other questions or provide more information and we will be of greater assistance to you....the important thing is these suit papers are time sensative! They have to answered within a certain time...CALL YOUR ADJUSTER NOW!
Posted: Mon Mar 17, 2008 11:15 am Post Subject: worth knowing..
They have to answered within a certain time...CALL YOUR ADJUSTER NOW!
Would be interested to know about the possible consequences in case he gets late in answering them.
Posted: Mon Mar 17, 2008 11:19 am Post Subject:
If you don't answer a suit by the prescribed time, the other party 'can' receive a default judgement...
Posted: Mon Mar 17, 2008 11:58 am Post Subject:
Thanks a lot Lori!
Posted: Mon Mar 17, 2008 03:34 pm Post Subject:
I'm hoping that the loss was reported to your carrier when it happened... carriers _certainly_ don't like to have a suit as their first notice of loss.
As Lori mentioned, you need to call your insurance company _yesterday_ and make sure they know about the suit! When you report the loss make sure they know you have the suit in your hand. Your carrier will need to have you fax this to them. In some cases the carrier has 10 days to answer the suit. Beyond that and it could go into default and the entire amount can be owed (you would be on the hook for the remaining amount).
Suits always ask for outrageous amounts. Why not shoot for the moon. an amount can always be lowered by a judge or jury but it really can't be increased.
Your insurance company will assign defense counsel and they will address the issue. Your main contact will still be the adjuster at the insurance company but the attorney will be representing your interest in the matter.
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