Is there any type of insurance that would cover legal fees, and in the event an arbitration case is lost, the damages to be recovered?
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Is there any type of insurance that would cover legal fees, and in the event an arbitration case is lost, the damages to be recovered?
Asked on August 17, 2010 under Insurance Law, Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If you have some form of applicable insurance, the insurer will generally pay for your legal defense (and indeed, provide the attorney) as well as pay any awards against you, at least up to policy limits. The issue is whether or not the insurance (1) generally applies to your situation and (2) even if it does, whether or not you did anything that would invalidate or exclude coverage. For example: if you have automobile liability insurance, it will usually defend and cover you if sued for injuries you cause another--unless you were DUI. Many commercial policies will not cover deliberate acts.
So the answer is, there are many kinds of insurance, and generally each will provide legal defense as well as pay claims, up to its policy limits, for covered events. You need to determine what kind of risk you are looking to insurer against, then speak with insureres to see what is available. There is no blanket "lawsuit" coverage--for example, auto insurance doesn't cover a slip and fall; general commercial insurance won't cover an injury at home--so you need to target coverage to the risk.
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