Knowledge is the first step in managing risk.
We recommend that our insureds consider carrying at least $5 million in coverage for personal liability on automobiles, boats, recreational vehicles and all owned properties. Higher limits are available.
To view other informative newsletters, please access “Client Advice” at www.kibl.com.
Client Newsletter
Update on Ontario Liability Trends
When thinking of insurance, our clients are often concerned about insuring tangible assets like vehicles, homes and commercial equipment. However, your biggest financial risk could be the exposure to legal liability for bodily injury or death to another person.
Here are 2 things you should know about your potential liability:
- At the time of this writing (summer 2009) there are 4 individuals since 2000, whose injuries have been measured by Ontario Courts to each be in excess of $10M. (Detail in our “Clients Advice” section on the Knox website).
In recent years, the courts have been putting much more financial weight on “future care” costs where the injured party is likely to need 24/7 attendant/medical care for the rest of their life.
- Another reality of litigation, is that many liability claims result in no payout for damages; however, the result can be significant costs for lawyers’ fees incurred over several months. Your liability insurer has a “duty to defend” under the policy, the provisions of which require them to fund your defence, thereby picking up related legal costs even if no damages are awarded.
Our recommendation: buy as much liability insurance as you can afford.
Please talk to your Knox broker about increasing your current limits to at least $5M per occurrence, or higher
WE WORRY ABOUT INSURANCE SO YOU DON'T HAVE TO.
KNOX INSURANCE BROKERS LTD.
705 CASSELLS STREET, NORTH BAY, ONTARIO P1B 4A3
P. 705.474.4000