FoIB Joe Kristan reports on the tax consequences of failing to ensure that you have proper and adequate auto and home owners insurance. This particular case generated some major pangs of regret.
Takeaway: review and update your coverages regularly.
If you thought that story was sad (on at least a few levels), well "you ain't seen nothin' yet." Bob tipped me to this incredible tale:
"An Ohio insurance company must pay benefits to a Detroit-area woman who suffers from witnessing the death of her son on a motorcycle."
Apparently, Ms Boertmann was in another nearby vehicle when her son was killed; claiming lost wages and out of pocket medical expenses, she sued her own auto insurer for monetary damages. The insurer stupidly and erroneously thought that, just because she and her car had nothing to do with the accident which claimed her son's life, they were off the hook.
The wise risk-management experts posing as Michigan judges demurred, apparently relying on their own rocket-surgery-level understanding of insurance principles to support their decision.
Takeaway: review and update your coverages regularly.
If you thought that story was sad (on at least a few levels), well "you ain't seen nothin' yet." Bob tipped me to this incredible tale:
"An Ohio insurance company must pay benefits to a Detroit-area woman who suffers from witnessing the death of her son on a motorcycle."
Apparently, Ms Boertmann was in another nearby vehicle when her son was killed; claiming lost wages and out of pocket medical expenses, she sued her own auto insurer for monetary damages. The insurer stupidly and erroneously thought that, just because she and her car had nothing to do with the accident which claimed her son's life, they were off the hook.
The wise risk-management experts posing as Michigan judges demurred, apparently relying on their own rocket-surgery-level understanding of insurance principles to support their decision.
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