In California, the law requires that drivers have at least $15,000 of liability insurance for bodily injuries. That said, if you are involved in a car accident, $15,000 may not be much at all. When you consider the cost of an ambulance ride, surgery, the cost of staying in the hospital for days or weeks, and other costs of serious injuries, the costs can easily rise in well past $15,000.
Even when a person carries additional liability insurance, even as much as $50,000, it may not be enough. Does this mean that you have no way of recovering funds when in an accident? It may not. Even when the insurance company has paid out the maximum amount allowed on the policy, it may be possible to sue the at-fault driver themselves. Whether or not this is feasible depends largely on the level of assets they won and finding out about their assets is as “simple” as getting an Asset Declaration.
To learn more about this process and how we can help, keep reading. Then contact The Law Offices of Larry H. Parker at 800-333-0000 for a free legal consultation.
Asking for an Asset Declaration
Whenever we come across an issue in which the damages our client suffered exceed the limits of the at-fault party’s policy, we will ask for an Asset Declaration. Legally speaking, they must then disclose any assets they have. This includes properties, stocks, trusts, and liquid assets in checking or savings. It also includes any additional insurance coverage that could potentially cover you in the case.
If we get the Asset Declaration back and it shows that the at-fault party as assets that are worth pursuing, then we will discuss this potential avenue for getting you the damages you need. We will always be honest with you: This is not an easy or short process. We must file a personal injury lawsuit against them personally, and it is very likely that it will go to trial. While cases involving insurance companies are almost always settled out of court, the opposite is true when a person’s individual assets are gone after.
We Can Seek Information Beyond What is On the Asset Declaration
Of course, just because the at-fault party is legally required to submit an Asset Declaration does not mean that they will do so. It does not meant that whatever they include on it will be accurate and complete. If we suspect that they are being less than forthcoming then we can complete our own investigation. This may include things like searching for real properties they own and verifying their employment status.
If you have found yourself in a position in which you have been injured but your damages are not covered by the at-fault party’s insurance then you should contact The Law Offices of Larry H. Parker at 800-333-0000 now for a free legal consultation.