Property & Casualty Insurance/Landlord policy limits
I live in a complex in New York with 2 buildings and 24 units split between 1-2 bedrooms. There was an accident on the apartment grounds during the cold weather this past year. My attorney is waiting for response from the insurance company. I would like to know what levels of lilability is offered to landlords when applying for this type of policy? The injury caused over $80,000 in medical bills thus far.
I'm assuming it was some sort of slip/trip/fall, possibly on ice or something but regardless, landlords are Commercial Building Owners and as such, have Commercial Insurance Policies in place. It is very common to have limits of liability that start at $1M per occurrence, $2M maximum per policy year. They can have limits of insurance that are much higher as well. It all depends on what type of policy they were required to get if they have a mortgage or if not, what they decided to purchase. I don't know what the accident was but keep in mind, they have to be found liable, or at fault, for their insurance company to cover the accident. My guess is that you'll be fine but due to the winter that was last year, insurance companies are dealing with a LOT of claims. One thing to keep in mind, it's common practice for an insurance company to send you a check with the hopes that you cash it because you need it. DO NOT DO THAT unless you're comfortable with the amount. Once you cash that check, your claim is closed and over with. Sometimes you can write on the back "In Protest" to keep the claim open but that you will have to verify with your attorney because it varies from state to state. My advice is not to cash any check that is sent to you without discussing it in depth with your attorney.
I hope that helps and if there's anything else I can answer for you please feel free to email me again. Good luck and I hope you're okay now!