Lawsuit Loans – What Does the Term “Commercial Liability Claim” Mean?

Individuals pursue lawsuit loans, relying on a variety of causes out of which some harm arises. The general liability claim, the most common variety, occur when an individual harms, in whatever manner, another individual, and neither individual is in the course and scope of a commercial enterprise at the time the harm occurs.

It is the furtherance of a commercial interest (e.g., Business X) out of which a commercial litigation claim arises. An example of this would be a Dominoe’s Pizza courier who, while in the course of a delivery for Dominoe’s, collides with another vehicle.

If appropriate, the individual with whom the Mayflower Moving driver collides may pursue an action against both Mayflower Moving Company and the driver of that Mayflower Moving truck. The commercial litigation component, filed by a third-party, would be the claim against Mayflower Moving. The general liability component, filed by a third-party, would be the claim against the driver of the Mayflower Moving truck.

The term third-party simply means that the insurance carrier represents the party against whom the claim is filed, not the individual filing the claim.

Your attorney and lawsuit loan lender will quickly give you their attention. What makes the difference? The general liability policy limits are often $30,000.00 – $50,000.00 (in many cases, much lower), as opposed to the commercial liability policy limits that are often hundreds of thousands, if not millions, of dollars.

Many factors account for this (e.g., size/weight of vehicles, drivers’ classifications, etc.). However, the fact remains that these claims often settle for a much higher amount than general liability claims. Additionally, the care readily available to the claimants is much more extensive, due to the anticipated inherent-value of the claim.

You should always anticipate the need for an attorney in such a case. There is no doubt that the insurance carrier will retain the services of a law firm to which it very likely pays millions of dollars annually to fight such claims.

Looking for information on the best lawsuit loans? Visit us today to educate yourself further on how to apply for a lawsuit loan today!