Southwest Illinois | tmrand - 2/4/2024 21:43
If you think about it too...........a lot of these guys out paying big money for hunting are probably pretty wealthy, or at the least have high paying jobs. Spouses of the injured party/widows could probably sue for some pretty serious coin...........and their award may be justified.
You are 100% correct. Then throw in the fact most of these guys hunt in the morning then hit the booze through the midday, then hunt again late in the afternoon can spell "accident" pretty quickly. IMO a person needs a minimum of $10M in liability insurance no matter their net worth. If their net worth is more than that amount they need at least the amount of their net worth. If someone gets permanently wounded and needs 24 hour care, they will need somewhere around $20M depending on their age. LLC's will likely not shield you from such a lawsuit. A lot of farmers have net worths of $10M plus and I know my insurance agent says he has numerous clients in that position who do not have an excess liability policy. Once you get to $5M it actually get pretty cheap so there is no good reason to be short liability insurance, unless you are flush enough to have the cash or you are willing to sell ground to pay a settlement award above your insurance limits. Personally I own very little hunting type land, but my in laws do. Finally convinced them they needed lots of excess liability for their hunting leases. |
Guess am a greedy land owner way it sounds
