Of course the owner of the vacant property needs insurance coverage! Insurance companies will emphatically inform you of all liability risks, both general and personal injury, and property damage that exists in an unoccupied home, building, or lot. But don’t take a blanket statement about it until you see for yourself some very real claim examples. FYI, professional agents bring you these ground scenes!
• The owner of a vacant lot in the center of town had a protective screen gate built around the property. However, as time passed, age and climatic conditions affected the encapsulation. The fence was no longer in top condition when a passerby sustained an eye injury as a result of a chain link sticking out. The lawsuit ended with the insurance policy bearing most of the defense costs and the extrajudicial mediation that resulted in a payment of $ 350,000.
• A pedestrian slipped on the sidewalk running alongside a vacant lot. His injury consisted of a broken hip. The women claimed that the leaves that had fallen on the sidewalk from the lot were the cause of their misfortune. An insurance claim settlement was reached at $ 200,000. This included the $ 16,000 set aside for defense spending.
• A motorcyclist was hit by a car. After the car accident, the responsible party filed a lawsuit against the owner of the neighboring vacant lot, alleging that the hanging lot’s sign obscured their view of traffic. The signals were determined to have no effect on the cause of the collision. Related expenses amounted to $ 7,500.
• A man biking around a fenced vacant lot was injured on a broken portion of the overhanging property fence. After filing a lawsuit, the man received $ 45,000 in damages. The policyholder’s insurance also paid $ 20,000 for legal expenses. Ultimately, however, an adjudication appeal resolved the issue. The payment included $ 30,000 with defense expenses paid for the coverage.
• Sitting directly next to a public sports field was a vacant lot. Although sports fans parked their cars and trucks on public property, an incident occurred involving a dead tree branch located on the adjacent private vacant lot. With the cars of three workers damaged, a claim was filed that resulted in compensation of $ 12,000.
• Young teenagers illegally used their free time to smoke in a vacant lot, starting a forest fire. The fire soon swept through the property, setting neighboring houses ablaze. The owner of the vacant lot was held partially responsible for the damage and replacement cost of the property totaling $ 6,500.