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The dealership is going to be in seriously hot water on this one, and could potentially see a claim denial. The injured party and VO may end up owning that place.
We hear that saying all the time. Can anyone document a case where an injured party ended up "owning the place"?
Yeah. I can’t disclose names but I did have a client that was involved in a serious accident with an uninsured vehicle that was owned by a decent size HVAC company that was still set up as a sole proprietorship. The judgement exceeded the at fault party’s avaialable liability limits and they agreed to a majority stake in the company as a settlement.
Usually they end up declaring bankruptcy though. Always carry uninsured motorists coverage with a minimum of 250/500
There is no legal separation between sole proprietorship and individual. That's why businesses incorporate. And "document" means we can look up the case directly and not rely on someone's account.
Only has to happen once for it to be urban legend.
When you read post #67 you’ll realize it is not urban legend . I know of one in my local industry dealing with a guy I went to high school with. An employee of his was injured on the job, must have been pretty bad as guy I knew committed suicide, then his company was sold right after. Word was insurance or lack of it…
A business forced into bankruptcy? About 400K times per year. If you don’t think a large chunk of those are due to insurance claims, knock yourself out. Or you could just do your own research on stuff you seem to have questions about.
Obfuscation. Throw a mountain of data out there that doesn't apply to the relevant context and which you have not even examined. No, not a chunk. A look at those downloads shows they present only numbers not reasons. That businesses go bankrupt was never disputed.
Insert hard eye roll here. I can think of many situations that businesses were forced to close due to inadequate insurance. But continue on with your rant.
While you're rolling those eyes, learn that closing due to inability to obtain affordable insurance is not the same as closing due to losing a lawsuit. Straw man.
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