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#318104 - 12/16/09 02:52 PM What do you think ?
Devil's Advocate Offline
Member

Registered: 01/03/05
Posts: 325
Loc: Ontario, Canada
What do you think a registrant will do if .....

• They are being sued for damages in the amount of $2,500. and

• Their error & omission insurance policy has a $2,500. deductible provision and

• Their insurance company believes it’s better to settle the claim, rather then to go to trial

• Will the registrant fight the claim themselves, or

• Will the registrant hire a lawyer. or

• Will the registrant simply get out their cheque book and write a cheque.

Personally, I would like to think that there are twenty-five hundred good reasons to avoid and/or reduce the elements of risk and that there are better ways in which one could spend their time and money. BE ALERT

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant urisdiction to ensure accuracy before acting on this information .


Edited by Devil's Advocate (12/16/09 02:55 PM)

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#318675 - 12/20/09 04:20 PM Re: What do you think ? [Re: Devil's Advocate]
DavidPylyp Offline
Member

Registered: 11/09/05
Posts: 136
Loc: Toronto, Etobicoke, Mississaug...
The costs of litigation and defense is very high.
Given that the basic deductibles are at $2,500,
When Lawyers sue; they sue all parties involved in the transaction.
While you may have no direct input to the events that caused the lawsuit, I have witnessed some strange proportional liability decisions.

That said $ 2500 is cheap to be removed.
Will the newly licenced paralegal be equipped to defend you against a seasoned trial lawyer?
_________________________
David Pylyp
Toronto West, Etobicoke & Mississauga
Living in Toronto
Humber Bay Shore Condos
[email] david@davidpylyp.com [/email]

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#318681 - 12/20/09 05:26 PM Re: What do you think ? [Re: DavidPylyp]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 2508
Loc: Vermont's North-East Kingdom
I'm not in a Canadian Province . . . . Is Vermont close enough?

Originally Posted By: Devil's Advocate
Their insurance company believes it’s better to settle the claim, rather then to go to trial


Isn't that always their suggestion; especially when the Policyholder is paying 100% of the Freight ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#318707 - 12/20/09 10:19 PM Re: What do you think ? [Re: Vermont]
Devil's Advocate Offline
Member

Registered: 01/03/05
Posts: 325
Loc: Ontario, Canada
One of the first questions a claims adjuster ask's himself, is "what is this going to cost us, minus the deductable" and then his decision is influenced by the remaining liability.

A $5,000 claim with a $2,500 deductable would only cost the insurance company $2,500 and they would probably go the settlement route.

One of the points I was trying to make was that any claim will probably end up costing a registrant money and on January 1, 2010 with the limit on Small Claims Court cases rising to $25,000 the number of claims involving real estate agents may increase.

Time will tell.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

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