Last year there was a trailer fire in our park and some of the tenants in the trailer died. A very tragic event to live with. The trailer was owned by the tenants and the local and state investigators (Texas) spent a lot of time and money on the investigation before ruling it an accident. They did not fault the parks facilities or management in any way. However, our insurance company caved under pressure by the ambulance chasers who represented the surviving tenant and gave his legal vultures a nice chunk of money to keep the park out of court. My insurance agent agrees with me that this country suffers greatly under a justice system that legalizes this type of extortion. You are not at fault - but you pay up because it is much cheaper then fighting in court.
Now our carrier has given us notice that our Liability policy will not be renewed - and we are finding it difficult and expensive to find a new carrier. Perhaps it is best to have a small amount of Liability insurance because: 1) smaller premium (our yearly premium would jump from $1,300 to $4,300 if we go with the only quote we got so far for another 2 million dollar policy), 2) smaller target for the ambulance chasers. We have our park in a LLC and the LLC has little equity (the mortgage is big). So the only thing that would look attractive to legal vultures in the future would be a big Liability policy like we had before ($2,000,000).
What are your thoughts on this and what carrier would you recommend in our circumstances where most do not even want to talk to us?!