HULK HOGAN SLAMS BROKER!

From my earliest days, my father drilled into my head that I was responsible for the consequences of my own decisions.

Hulk Hogan has never met my dad.

The incident:  professional wrestler Hulk Hogan (real name is Terry Bollea) is suing Wells Fargo Southeast Insurance in the aftermath of a horrendous car accident in Clearwater Florida in 2007.  Hogan’s vehicle was driven by his teenage son at the time of the high speed collision.  The son pled no contest to reckless driving and served time in prison as a result.  But the more serious consequence is that a passenger suffered permanent brain damage as a result of the near-fatal car crash.

Hogan’s insurer paid out only US $250,000.  But, due to the serious and long-term nature of the injuries, the victim’s family also sued Hogan and his son, reaching settlement for an undisclosed amount.

Now Hogan has launched a legal action against his insurer because he didn’t have enough coverage.  His allegation: his broker failed to advise him to purchase additional liability insurance excess limits.

Did the famed wrestler – by his own admission worth more than US $30M – really choose to buy such little protection?  Did he not understand that he could be a target for litigation??  Was he that naïve?

So who really is at fault if he didn’t buy enough protection against legal liability???

The Lesson: buy as much liability insurance as you can afford.  Many people have been carrying $1M liability (or less) on their homes, cottages, boats and automobiles for the last dozen years, knowing that financial inflation – to say nothing of “legal inflation” – has rendered that amount much less protective with each passing year.

Now is the time to review and consider carrying higher liability insurance limits.  It has to do with responsibility and potential consequence.

Do it for my dad.