about the need for asset protection:
A Game Plan for Protecting Assets
Asset Protection Insurance has been created to protect professionals, their spouses, and beneficiaries (when applicable) vulnerable to catastrophic lawsuits. This coverage helps protect the professional’s property interest by insuring 90% of the loss in fair market value of the property caused by a legal judgment.
Asset Protection Insurance is NOT malpractice or professional errors & omissions insurance. Malpractice policies generally cover only the first $1,000,000 of a catastrophic claim. Asset Protection Insurance is designed to protect personal assets when a rendered legal judgment exceeds existing insurance limits – an outcome that is becoming increasingly common.
When a judgment causes personal assets to be lost (home, property, cash, securities, etc.), the Asset Protection Insurance policy will replace up to 90% of the loss in value of the assets to the named beneficiaries.
NOTE: If the non-admitted insurer becomes insolvent, then the Asset Protection Insurance will only attach after the professional has expended up to $300,000 per claim in defense and indemnity costs.
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