Attaining insurance can be much trickier than just calling up a well-known company you have seen advertisements for and then speaking to an efficient customer representative over the phone, hoping to walk away within a few minutes, fully covered. There may be numerous different policies that you hold over the years, and each one varies regarding intricacies. Because of the complexities built into insurance policies—which are binding legal documents—it is critical to work with an insurance agent you trust—and it is critical to understand exactly how much coverage you have so that you are not walking around with a false sense of security for years.
An insurance agent is a trained professional who will be able to assess all your insurance needs, go over premium expenses with you, and most importantly, explain how coverages work.
It may seem a bit unfair and perhaps confusing that as a policyholder you will continue to pay and pay indefinitely, while the insurance company tends to have everything worked out to their advantage—including liability caps regarding how much they will pay out. This is all usually fully outlined in your policy, however, pointing to another very important reason to read every word and every clause. A good example of a cap would be in your auto insurance coverage.
In terms of liability, you should be aware of what the maximum limits are regarding property damage and injuries per person. Liability caps extend to other types of insurance also such as professional liability insurance. In most cases, your policy will state that there is a liability cap regarding limitations on the amounts that will be paid in the event of a lawsuit. Such stipulations are meant to keep the insurer from going completely broke in the event of a massive lawsuit against you or other policyholders.
In the event of a serious claim in the event of something like a car accident, consult with a skilled attorney as soon as possible so they can take over all communications with the insurance company, and the adjusters. This is in your best interest—helping you to avoid potential low-ball offers and a general lack of respect from the insurer.
If you have been injured in an accident due to the negligence of others, this is not the time to go it alone! Please call the law offices of Andrew ‘Pike’ Piekalkiewicz, PLLC as soon as possible at (713) 748-7453 or visit AttorneySgtPike for a no obligation case review.