RJ and Makay

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America’s wealthiest families worry that their wealth could make them targets for high-stakes liability lawsuits in the current environment of high unemployment and weak economic growth, according to an ACE Private Risk Services survey released earlier this week.  Despite the concerns, many of the well-to-do are ill prepared for such a lawsuit and do not recognize the aspects of their lifestyle that could lead to legal action against them.

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Vermont is the top state in the nation for the best regulatory environment in which property/casualty insurers do business, according to a Heartland Institute study.  The institute’s 2011 Property and Casualty Report Card grades states by how free consumers are to choose P&C insurance that meet their needs, and the level of freedom that insurers have to provide the insurance products that consumers demand.

California led the nation in 2010 dog bite claims, at 369, representing a total payout of $11.3 million, according to a State Farm Insurance Co. report that lists the top ten states for dog bite claims.  Illinois ranked second with 317 claims for a total cost of $9.7 million.  Florida, though seventh on the list, registered the highest average cost per claim at $38,356. California and Illinois’ average cost per claim was around $30,000.

State Farm, for the most part, does not refuse insurance based on dog breeds, though does require homeowners to answer questions about their dog’s history on the insurance application.  The lone exception is Ohio, which has determined that Bit Bulls meet the definition of “vicious dog.”  State Farm excludes them from Ohio resident’s homeowners insurance.  Despite the exclusion, Ohio still came in third at 215 claims for a total payout of $5.7 million.