Having insurance is a must for the owner of a vacant property! The insurance providers will adamantly inform you of every liability risk, including general liability risks as well as risks for property damage and bodily injury in an unoccupied home, building, or lot. However, before viewing some very real claim examples for yourself, don’t take a general statement about it at face value. The knowledgeable agents have provided you with these land scenarios for your information.
• A chain-link gate was built around a vacant lot that belonged to someone in the downtown area. But as time went on, the encasement started to suffer from the effects of aging and the environment. When a passerby had an eye injury due to a protruding chain link, the fence was not in the best of shape anymore. After an out-of-court mediation that resulted in a $350,000 settlement, the lawsuit came to an end with the insurance policy bearing the majority of the defense expenses.
• On the sidewalk that bordered a vacant lot, a pedestrian slipped. A broken hip was the nature of her wound. The woman claimed that the sidewalk’s leaves from the parking lot were to blame for her bad luck. A settlement for an insurance claim was made for $200,000 This included the $16,000 set aside for defense costs.
• A car ran over a motorcyclist. After the collision, the at-fault party sued the owner of the adjacent vacant lot, claiming that the posted lot signs obscured his view of approaching traffic. The cause of the collision was found to be unrelated to the signs. Costs associated with this totaled $7,500.
• A man who was cycling around a gated vacant lot and ran into a broken section of the property fence hurt himself. The man received $45,000 in damages after filing a lawsuit. Additionally, legal costs were covered by the policyholder’s insurance for $20,000 total. But ultimately, the matter was resolved by an award appeal. The payout included $30,000 in defense costs that were covered by the insurance.
• There was a vacant lot next to a public sports field. Even though sports fans had parked their cars and trucks on the public space, something happened involving a dead branch of a tree that was situated on the nearby vacant private lot. Three employee cars were harmed, and a claim was filed, leading to a $12,000 settlement.
• Teenage youths used a vacant lot illegally as a smoking area during their free time, sparking a brush fire. The nearby homes were torched as the fire quickly spread throughout the property. The owner of the vacant land was found to be partially liable and accountable for $6,500 in damages and property replacement costs.