PROTECTING ASSETS Case In Point: Saving The Family Owned Business We were retained by an insurance company to represent a small resort where a guest had fallen following the collapse of a split rail fence. The patron became a quadriplegic as a result of the accident. Suit was brought only against the hotel. The resort was the only asset of a family run business. They had only $1 million in liability insurance, far below the value of the plaintiff's case if he were successful. When we met with the owners, they were very fearful about whether we would really be looking out for their best interests since the insurance company had already agreed to pay the $1 million policy limit. Based on the potential value of the case, the family clearly faced the loss of their hotel. Plaintiffs knew that the property had value of $600,000 to $800,000. There was no intention on Plaintiffs' part to punish the hotel owners, but Plaintiff faced enormous medical bills for which he had no insurance coverage. Many settlement possibilities were explored, including, the granting of a rarely used portion of the hotel property to plaintiff. After lengthy negotiations, a settlement was reached where plaintiff received the proceeds of the insurance policy through a structured settlement and $500 per month for five years from the hotel owners and the family kept the hotel.