What The Heck Do You Do When The Business Truck That Hit You And Causes Catastrophic Injuries Has Minimal Insurance And There Are No Assets Behind The Company
We recently had the occasion to represent a catastrophically injured woman who was struck by a lawncare and landscaping truck owned by an active Pennsylvania corporation. Believe it or not, the truck had minimal insurance limits of $15,000. The medical bills in this case were more than that in the first week alone. The landscaping and lawn care company that owned the trucks apparently had engaged in a careful asset transfer and after investigation, it was revealed that it was merely a shell corporation owning no property or having any assets. As we researched the background of the company, I noted that there were several lawsuits, liens, and judgments against the company and that the corporate President owned no property and that it was transferred many years ago to other family members for diminimus amounts. It also appeared upon searching UCC records that there were filings against the company and the individual by a credit corporation. Additionally, to add insult to injury, the President of the company had an interesting criminal background. In the tightened economy, our client did not have sufficient underinsured motorist coverage. Unfortunately, this scenario is becoming more and more common in the Philadelphia area with many people driving with no insurance or with "dark ages" minimal car insurance putting the victims of car accidents in a precarious position. It is more important now more than ever to contact your insurance agent and purchase a significant uninsured and underinsured motorist coverage to protect you in such a circumstance. Unfortunately in this case after exploring all other avenues for recovery including highway defect and product liability, the client had very limited avenues to follow.