Legal Question in Insurance Law in California

Auto Accident Bodily Injury Defense Question

have an accident 2.5 years ago, in which I was at fault. There were 4 persons injured due to this accident. I got a call from my AAA that the other party want to settle with one of the major claims for 15,000 (my limit liability) and would require me to submit a Asset Declaration Form. The remaining three claims are for the minor (three kids) that was very slightly injured (medical bills are in the amount of 100 or 200s).

One thing that I am not sure is if the other party wants to claim in excess of my liability limits, which is 15k And, if I gave out my asset info, sure he will go after my assets, which I hard-earned it throughout the years. I learned a hard lesson, and immediately after the accident I increase my liability coverage to 100k/300k. If I didn't give out the asset info, I will miss out the opportunity of missing the settlement within the limits, and would be possibly facing a lawsuit which would be very costly as well. I was told that the injured party has a cumulative medical bill of $10,353.00. I understand that my insurance would get me a defense counsel. But, my wife and I don't want to give out the Asset Declaration. Can I ask the injured party would have Under-insured policy.


Asked on 3/08/07, 1:13 pm

2 Answers from Attorneys
Jonathan Stein Law Offices of Jonathan G. Stein

Re: Auto Accident Bodily Injury Defense Question

You can ask if the injured person has underinsured motorist coverage, but its not really relevant. You caused an accident and you apparently did not have enough insurance to protect yourself. You don't have to sign the asset declaration, but understand that if the other person wants to continue against you, they can and they will go after you for a judgment. They may already know about your assets, as most personal injury attorneys conduct an asset check on any $15,000 policy. You won't gain anything by not completing it and you may end up hurting yourself. You probably will need to pay money to settle this case.

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Answered on 3/21/07, 7:47 pm
Kurt Boyd LAW OFFICES OF KURT BOYD

Re: Auto Accident Bodily Injury Defense Question

First, on the question of Underinsured Motorist Coverage (UIM) you can and should ask your carrier adjuster what they know about the opposing coverage. Your insurer may or may not have this information since disclosure isn't mandatory prior to litigation.

Second, you should get a copy of the asset declaration to see what it asks for. Many times the declaration actually goes to the question(s) of (i) whether you have other "excess" insurance; (ii) whether you were in the course and scope of employment for someone who might have insurance coverage applicable over and above yours; and/or (iii) whether the car you were driving was owned by you or someone else.

Asset declarations are voluntary. Short of a judgment in a civil action, or limited circumstances when punitive damages are claimed, you can't be compelled to disclose your assets.

If an Asset declaration is involved, you probably should have an attorney practised in insurance defense review the declaration; advise you; and probably act as your personal counsel.

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Answered on 3/20/07, 11:15 pm


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