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  1. #1

    Default Liabilty In Excess of Policy Limits in California

    My husband was involved in a car accident where he hit another driver from behind. He was found at fault. Today we received a letter saying that our insurance might not be sufficient to handle the claim. Her lawyer is saying that a jury might give her a settlement in excess of $250,000 and my insurance is $100,000/$300,000. They are asking us to fill out a paper stating all of our assets. My question is can they take our equity in our home and our retirement annuity?

  2. #2
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    Default Re: Liabilty In Excess of Policy Limits in California

    Retirement accounts and annuities are usually exempt from collections. Your home equity is partially protected (details here; note particularly 704.730).

    You need to try to find out what is really going on - they may be trying to lay the groundwork for a "bad faith" claim against your insurance company, for example, if they have made an offer to settle for the policy limits and your insurance company is refusing their request. You should also discuss the letter and anything you might state in reply with your lawyer before forwarding any answers.

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