Property & Casualty Insurance/Landlord policy limits

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Question
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.

Answer
Monique,

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!

Kristen

Property & Casualty Insurance

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Kristen Mulcahy, CIC

Expertise

My specialty is commercial insurance for business owners. I can answer questions regarding liability, property, auto, workers compensation, directors and officers, umbrellas and risk management for all types of businesses. Risk management, or loss control, is taking measures to reduce the chances of a loss in the first place or, helping to prevent a loss from happening again. Insurance can be complicated and confusing and there are no stupid questions! I am President of Western States Loss Control, Inc. and we provide insurance consultations to business owners and surveys/inspections for insurance companies in all states West of the Mississippi.

Experience

20+ years of industry experience.

Organizations
Past President of SCIP Southern Connecticut Insurance Professionals, a chapter of International Association of Insurance Professionals.

Education/Credentials
Certified Insurance Counselor, 2001.

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