subject: Corporate Asset Protection: Employee Drivers May Cause Accidents And Destroy Employers Financials [print this page] The Connolly Law Firm and its associates is one of the Nation's leaders in providing asset protection services and structures for corporations and individuals.
For many years the Connolly Law Firm has been warning business owners that driver's of company motor vehicles can cause an accident whereby the monetary award could destroy the financial well-being of an otherwise viable business. During the past 24 months just 10 jury verdicts resulted in awarded damages in the amount of $208,550,000, ranging from a low of $3.5 million to a high of $45 million, in such states as Alabama, California, Illinois, Indiana, Michigan, Mississippi, Missouri, New Jersey and Texas.
The Connolly Law Firm notes that in one instance a skilled attorney for the Michigan plaintiffs [three families] successfully used arguments such as "veil piercing" and "alter ego" to persuade jurors that the trucking company [CenTra] was the alter ego of three of its subsidiaries and affiliates and to obtain and ward of $18 million.
In another instance, the Connolly Law Firm notes that a skilled attorney for a New Jersey plaintiff was able to convince a jury to award $29.4 million in damages against a truck driver, the company which owned the truck that he was driving, and a leasing company with insurance on the trailer. In many instances the driver has minimal insurance coverage and, under the law involving joint and several liability, the company is usually left holding the bag.
While the Connolly Law Firm recommends that all individuals and businesses carry liability insurance coverage, the foregoing cases reveal that "adequate" coverage is never enough. Such large awards become even more troublesome when a jury awards gross negligence and punitive damages, neither of which is usually covered under a liability insurance policy.
The Connolly Law Firm warns that once the liability occurs [i. e., at the moment of the accident], then there is little or nothing which can be done to protect either the individuals or the businesses and, with rare exception, any attempt to do so could result in charges of making a fraudulent conveyance which, in turn, is voidable by the courts.
The Connolly Law Firm notes that the time to begin a viable asset protection structure is before any liability is incurred. However, no single asset protection structure is applicable for everyone and each needs to be tailored to the personal, family, financial and business circumstances of the individual and the business, and, may include irrevocable life insurance trusts, limited liability companies, domestic or offshore asset protection trusts.
The Connolly Law Firm encourages individuals and businesses to engage in asset protection planning before its too late. Long-term planning is the key to survival in today's highly litigious society. Additional information is immediately available by visiting professionalassetprotectionservices, or, by calling [989] 539-3996.
