Owing and managing West Palm Beach rental properties is not an easy task. In addition to collection of rents and regular repair services, you need to handle tenant
disputes, petty arguments, emergency situations, and every other aspect related to your property and the tenants thereover. Hiring the professional services of West
Palm Beach property management can drastically unburden your stress and workload in the most convenient manner.
National Car Insurance ApnaPaisa.com/Car-Insurance Get Offers for Car Insurance from 9 Gen Insurance Cos.
Tata AIG™ Travel Guard travelinsurance-tataaig.com/tataaig No Medical Test, No Paper Work. Hassle Free, Buy Online in 2 Mins.
Get New Customers Online www.Google.com/AdWords Advertise On Google. Get 1500 INR Advertising Credit When You Sign-Up
Expert Author Rocco Beatrice
You assume full liability for your under age children, so keep your wallet open. Or, you can avoid unpleasant events with a precise bulletproof asset protection
system.west palm beach property management
To quote a local paper regarding a West Palm Beach, Florida accident "The car was being driven by a 15-year-old sister who had only a learner's permit and was at the
wheel illegally."
Do you have a problem child who is bent on seeking an unhealthy identity? The negligent action of your minor son or daughter could affect your own personal liability.
You could be held accountable for the reckless actions of your minor children. I am not an attorney, nor am I dispensing legal advice, as a parent I've been there and
done that; and I am sure that a Florida accident attorney finds these types of cases all the time.
I personally went around with my wallet open while my two sons were learning how to drive. Because I considered these to be minor infractions due to a learning
experience and not willful negligence, it was easier for me to pay for the damage (usually under $500) than report it to the insurance company.
But consider this, if you have a renegade child under the age of 18 who takes matters into his/her own hands, has the tendency to be reckless, and willful, and decides
to drive illegally, without permission, without your knowledge, you are held "primarily accountable" for the misconduct and damages they cause, in some cases even
beyond the age of 18 because they live at home and "you own" the car and your son or daughter is insured under your policy.
If you sign your minor children's applications for drivers license, permits, then you have "assumed the full responsibility" for your child's negligence. For example
in the state of Florida, the driver's license of any person under the age of 18 must be signed and verified by a parent or guardian or other responsible adult willing
to assume the obligation imposed under statute 322.09.west palm beach property management companies
15-YEAR-OLD'S AUTO ACCIDENT IN WEST PALM BEACH, FL NOT COVERED BY AUTO INSURANCE UMBRELLA POLICY
But, you say...that's why you have insurance, and that's why you have an umbrella policy, just for this event, right? Well, you would be wrong. And, you would not like
to find this hard fact of life, after a car accident where your child is held responsible.west palm beach property managers
Let's consider the typical auto insurance policy. Do you know what's covered?
- Bodily injury liability. Generally covers other people's bodily injuries or death for which you are responsible. Generally, it covers the cost of a legal defense up
to the amount specified in your insurance contract. IT DOES NOT COVER PUNITIVE DAMAGES. This coverage does not cover you, ... or other people named in your insurance
policy.
- Property damage liability. This covers you, if your car damages someone else's property, car, fence, house, etc. caused by your accident. It too, covers for a legal
defense up to the limits of your policy. IT DOES NOT COVER PUNITIVE DAMAGES.
- Comprehensive, other than collision. This covers your vehicle for incidences other than collision, for example if your car is stolen, damaged by fire, vandalism,
etc. Your coverage is limited to your policy.
- Collision. This covers damage to your car when your car hits, or is hit by another vehicle, or other object. It pays for the amount of damage in your policy less
your deductible.
- Uninsured Motorist, Uninsured property damage, Uninsured motorist bodily injury, ... etc. I'm lumping these all in one category to get to the meat and potatoes,
since it's for covering yourself in case the other guy is not insured or under insured, or these days you have to consider illegal aliens hitting the road, illegally
and without insurance.
- Umbrella Policy. In addition to an auto insurance policy and home insurance, most insurance people will recommend that you buy a "Personal Liability Umbrella
Policy." This is a "Supplemental Coverage" added to your auto and home insurance, that you already have in place. Some people refer this to as a "wealth preservation
policy, for the rich." This is a factual misconception of what an umbrella policy covers.
Depending on the nature of the claim, damages are first applied against the car insurance or home insurance, then to the Umbrella Policy. The umbrella policy is not
the first line of defense against legal liability. If you buy an umbrella policy, you need to make sure what it covers, not all policies are the same.
Typically, umbrella policies cover personal injuries, injuries to others while on your property, and some forms of property damage in excess of your auto and home
policy. IT DOES NOT COVER PUNITIVE DAMAGES NOR DOES IT COVER INTENTIONAL DAMAGE, OR NEGLIGENCE.
COULD THE 15-YEAR-OLD'S FLORIDIAN OLDER SIBLING BUY MORE INSURANCE TO PROTECT THEMSELVES FROM AUTO LAWSUITS?
Can you buy enough insurance? NO.west palm beach rental properties
All insurance policies cover the actual damages (up to the limits of your policy), and provide for a first line of legal defense. In cases where the judgment is in
excess of what's covered, you are on your own. No insurance company will cover for more than you agreed to cover. An example: your underage driver, drinks and drives,
and causes an accident. The damage is $1,500,000. Your auto insurance covers the first $400,000 (the amount of coverage in your policy) the umbrella policy covers the
next $600,000 if you have a $1million dollar umbrella policy and you are on your own for the next $500,000.
Please note: I am assuming that your auto and umbrella policies do not take a position against you where the level of negligence was more than civil litigation, you
could be faced with a criminal case which may not be covered. Is this a lot more than you bargained for? (Please note that I'm not a lawyer or an insurance agent, and
state laws vary from state to state; consult with a motor vehicle, truck, boating, or motorcycle accident attorney in your area).
WHAT COULD THE OLDER SIBLING FROM WEST PALM BEACH DO TO PREVENT LAWSUITS AS A RESULT OF HIS/HER SISTER'S ILLEGAL AUTO ACCIDENT?
Can you do anything now, to avoid these unpleasant results if you have under age drivers? YES.
By repositioning (transferring) your assets to an irrevocable trust, you will no longer legally "own" a residence, you will no longer "own" a car, you will no longer
"have" investment accounts, etc. Title to your assets will be transferred (repositioned) from you to the name of an independent trust with an independent trustee. You
will no longer own assets. You can only be sued for what you own or have a direct control.
With a proper system in some states, the cost of the insurance policy is substantially reduced, because the car is owned by a legal entity qualifying as a commercial
motor vehicle, and the insurance is less than insuring under age drivers. Consult with your local insurance agent in most cases you should be able to secure a less
expensive insurance premium because under a commercial policy, typically the car is insured, not the driver(s).
The sibling in West Palm Beach in this real-life scenario could have not just reduced his/her auto insurance costs but he/she could have protected him/herself from any
further lawsuits as a result of his/her younger sister's illegal accident.west palm property management service
disputes, petty arguments, emergency situations, and every other aspect related to your property and the tenants thereover. Hiring the professional services of West
Palm Beach property management can drastically unburden your stress and workload in the most convenient manner.
National Car Insurance ApnaPaisa.com/Car-Insurance Get Offers for Car Insurance from 9 Gen Insurance Cos.
Tata AIG™ Travel Guard travelinsurance-tataaig.com/tataaig No Medical Test, No Paper Work. Hassle Free, Buy Online in 2 Mins.
Get New Customers Online www.Google.com/AdWords Advertise On Google. Get 1500 INR Advertising Credit When You Sign-Up
Expert Author Rocco Beatrice
You assume full liability for your under age children, so keep your wallet open. Or, you can avoid unpleasant events with a precise bulletproof asset protection
system.west palm beach property management
To quote a local paper regarding a West Palm Beach, Florida accident "The car was being driven by a 15-year-old sister who had only a learner's permit and was at the
wheel illegally."
Do you have a problem child who is bent on seeking an unhealthy identity? The negligent action of your minor son or daughter could affect your own personal liability.
You could be held accountable for the reckless actions of your minor children. I am not an attorney, nor am I dispensing legal advice, as a parent I've been there and
done that; and I am sure that a Florida accident attorney finds these types of cases all the time.
I personally went around with my wallet open while my two sons were learning how to drive. Because I considered these to be minor infractions due to a learning
experience and not willful negligence, it was easier for me to pay for the damage (usually under $500) than report it to the insurance company.
But consider this, if you have a renegade child under the age of 18 who takes matters into his/her own hands, has the tendency to be reckless, and willful, and decides
to drive illegally, without permission, without your knowledge, you are held "primarily accountable" for the misconduct and damages they cause, in some cases even
beyond the age of 18 because they live at home and "you own" the car and your son or daughter is insured under your policy.
If you sign your minor children's applications for drivers license, permits, then you have "assumed the full responsibility" for your child's negligence. For example
in the state of Florida, the driver's license of any person under the age of 18 must be signed and verified by a parent or guardian or other responsible adult willing
to assume the obligation imposed under statute 322.09.west palm beach property management companies
15-YEAR-OLD'S AUTO ACCIDENT IN WEST PALM BEACH, FL NOT COVERED BY AUTO INSURANCE UMBRELLA POLICY
But, you say...that's why you have insurance, and that's why you have an umbrella policy, just for this event, right? Well, you would be wrong. And, you would not like
to find this hard fact of life, after a car accident where your child is held responsible.west palm beach property managers
Let's consider the typical auto insurance policy. Do you know what's covered?
- Bodily injury liability. Generally covers other people's bodily injuries or death for which you are responsible. Generally, it covers the cost of a legal defense up
to the amount specified in your insurance contract. IT DOES NOT COVER PUNITIVE DAMAGES. This coverage does not cover you, ... or other people named in your insurance
policy.
- Property damage liability. This covers you, if your car damages someone else's property, car, fence, house, etc. caused by your accident. It too, covers for a legal
defense up to the limits of your policy. IT DOES NOT COVER PUNITIVE DAMAGES.
- Comprehensive, other than collision. This covers your vehicle for incidences other than collision, for example if your car is stolen, damaged by fire, vandalism,
etc. Your coverage is limited to your policy.
- Collision. This covers damage to your car when your car hits, or is hit by another vehicle, or other object. It pays for the amount of damage in your policy less
your deductible.
- Uninsured Motorist, Uninsured property damage, Uninsured motorist bodily injury, ... etc. I'm lumping these all in one category to get to the meat and potatoes,
since it's for covering yourself in case the other guy is not insured or under insured, or these days you have to consider illegal aliens hitting the road, illegally
and without insurance.
- Umbrella Policy. In addition to an auto insurance policy and home insurance, most insurance people will recommend that you buy a "Personal Liability Umbrella
Policy." This is a "Supplemental Coverage" added to your auto and home insurance, that you already have in place. Some people refer this to as a "wealth preservation
policy, for the rich." This is a factual misconception of what an umbrella policy covers.
Depending on the nature of the claim, damages are first applied against the car insurance or home insurance, then to the Umbrella Policy. The umbrella policy is not
the first line of defense against legal liability. If you buy an umbrella policy, you need to make sure what it covers, not all policies are the same.
Typically, umbrella policies cover personal injuries, injuries to others while on your property, and some forms of property damage in excess of your auto and home
policy. IT DOES NOT COVER PUNITIVE DAMAGES NOR DOES IT COVER INTENTIONAL DAMAGE, OR NEGLIGENCE.
COULD THE 15-YEAR-OLD'S FLORIDIAN OLDER SIBLING BUY MORE INSURANCE TO PROTECT THEMSELVES FROM AUTO LAWSUITS?
Can you buy enough insurance? NO.west palm beach rental properties
All insurance policies cover the actual damages (up to the limits of your policy), and provide for a first line of legal defense. In cases where the judgment is in
excess of what's covered, you are on your own. No insurance company will cover for more than you agreed to cover. An example: your underage driver, drinks and drives,
and causes an accident. The damage is $1,500,000. Your auto insurance covers the first $400,000 (the amount of coverage in your policy) the umbrella policy covers the
next $600,000 if you have a $1million dollar umbrella policy and you are on your own for the next $500,000.
Please note: I am assuming that your auto and umbrella policies do not take a position against you where the level of negligence was more than civil litigation, you
could be faced with a criminal case which may not be covered. Is this a lot more than you bargained for? (Please note that I'm not a lawyer or an insurance agent, and
state laws vary from state to state; consult with a motor vehicle, truck, boating, or motorcycle accident attorney in your area).
WHAT COULD THE OLDER SIBLING FROM WEST PALM BEACH DO TO PREVENT LAWSUITS AS A RESULT OF HIS/HER SISTER'S ILLEGAL AUTO ACCIDENT?
Can you do anything now, to avoid these unpleasant results if you have under age drivers? YES.
By repositioning (transferring) your assets to an irrevocable trust, you will no longer legally "own" a residence, you will no longer "own" a car, you will no longer
"have" investment accounts, etc. Title to your assets will be transferred (repositioned) from you to the name of an independent trust with an independent trustee. You
will no longer own assets. You can only be sued for what you own or have a direct control.
With a proper system in some states, the cost of the insurance policy is substantially reduced, because the car is owned by a legal entity qualifying as a commercial
motor vehicle, and the insurance is less than insuring under age drivers. Consult with your local insurance agent in most cases you should be able to secure a less
expensive insurance premium because under a commercial policy, typically the car is insured, not the driver(s).
The sibling in West Palm Beach in this real-life scenario could have not just reduced his/her auto insurance costs but he/she could have protected him/herself from any
further lawsuits as a result of his/her younger sister's illegal accident.west palm property management service
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