OFFSHORE ASSET PROTECTION - FOR PROPERTY OWNERS
Offshore Asset Protection is Needed by Property Owners
Personal Residence, Rental Income and Recreational Property
Property owners have great potential for liability for an injury,
of any kind, that occurs on their property, through the use of their
property, or associated with their property - unless they have an Offshore
Asset Protection plan.
The unsuspecting property owner of a contaminated property can be wiped out
by environmental liabilities. More likely, however, are the liabilities
that arise from everyday occurrences, over which property owners have little
control. Having good insurance- even a jumbo umbrella policy for $1 million for
damages-may not be enough protection.
Let's look at some of the obvious situations that attach heavy liabilities to
property ownership:
- Someone is injured or killed on property you own, or by
using property owned by you: You own a business with restroom accommodations
shared in a hallway by other businesses owners. One of your customers visits
the restroom and is mugged by an assailant. You are sued because your business
did not have proper security in the hallway or restroom for your customers.
Sometimes, property owners believe they are protected by incorporation from
the effects of such liability, but consider the following scenario:
- You own property as part of an incorporated group of
owners: One evening there is a fight inside the nightclub you own, and a
number of the patrons flee in an intoxicated state. One of them runs into the
street and is hit by a taxi cab carrying several individuals, who are all
seriously injured too. It is then discovered that the intoxicated individual
running into the street is a minor who should not have been served alcohol;
this mistake was made because you had recently fired the regular bouncers and
only temporary untrained individuals were working the club. Your company is
sued, and so are the individual owners.
In most lawsuits against a corporation, especially a closely held (not
public) corporation, an attempt is made by the plaintiff to "pierce the
corporate veil" (that is, break through the protection of the corporation) and
reach the individual owners too. This generally occurs in closely held
corporations because they are run with fewer formalities and less structure in
their operation than a public corporation.
- Your employee injures or kills someone while making a
delivery for your company in the company van: The employee has a record of
drinking that you were not aware of and is found to have a high blood-alcohol
level after the accident.
- A customer gets ill as result of your product: You
import tropical fruit into the US that is then sold for pulp to juice
manufacturers. One of the manufacturers is sued by a customer that finds the
juice to be contaminated The manufacturer sues you for bringing in unsanitary
fruit.
It is not hard to imagine more ways in which liability can arise from
property. No matter how careful the property owner is, it is impossible to
always control others or events, and therefore impossible to avoid liability.
Having an Offshore Asset Protection plan can minimize the impact and
likely eliminate any potential law suits before they are filed.
A property owner who is unprotected, and especially one whose wealth or
assets are obvious to the injured party, will face the biggest claim for
damages.
Part 1: Offshore Asset Protection - ASSET PROTECTION MAIN PAGE
Part 2: Offshore Asset Protection - for Environmental Liability
Part 3: Offshore Asset Protection - for High Profile and Celebrity Individuals
Part 4: Offshore Asset Protection - for Officers and Directors
Part 5: Offshore Asset Protection - for Professionals
Part 6: Offshore Asset Protection - for Property Owners
