Hi,
Like most people we know, we have very high insurance limits including umbrella insurance to protect us against flagrant lawsuits.
But I was taken back recently, whilst at a Recreation Vehicle (RV) convention people rolled out examples (I counted 4) where insurance companies denied coverage for extreme bodily insurance claims forcing the policy owners to pay out of pocket 3 times (the fourth example, they sued the insurance company and were covered).
I won't go into details for this forum, but it got me thinking how else are you protecting your assets if your insurance denies claims? I suspect for big ticket payouts and if there is a way out the insurance company will try.
As I understand it, 401k/403b/457b style retirement accounts are protected from civil claims. But are pensions?
I also understand taxable accounts are fair game for civil claims. We have a healthy seven-figure balance here, any suggestions on how to protect it?
Like most people we know, we have very high insurance limits including umbrella insurance to protect us against flagrant lawsuits.
But I was taken back recently, whilst at a Recreation Vehicle (RV) convention people rolled out examples (I counted 4) where insurance companies denied coverage for extreme bodily insurance claims forcing the policy owners to pay out of pocket 3 times (the fourth example, they sued the insurance company and were covered).
I won't go into details for this forum, but it got me thinking how else are you protecting your assets if your insurance denies claims? I suspect for big ticket payouts and if there is a way out the insurance company will try.
As I understand it, 401k/403b/457b style retirement accounts are protected from civil claims. But are pensions?
I also understand taxable accounts are fair game for civil claims. We have a healthy seven-figure balance here, any suggestions on how to protect it?
Statistics: Posted by MrCheapo — Tue Apr 23, 2024 4:50 pm — Replies 0 — Views 69