Category Archives: Liability Insurance
20 years ago most estate sale companies asked the seller or whoever was representing the sale of the home contents if they had a homeowners policy. If they did that was enough in most places and the estate liquidation process began.
Today, that is not the case. In today’s litigious world estate sale companies as well as the representative of the home contents need liability insurance. The property needs a policy (usually homeowners) and the estate liquidator also need liability insurance. Slips, trips, falls, no matter what signs are posted put estate sale companies and homeowners at risk.
At the Estate Sale Conference in Memphis there was discussion on this very important topic along with a vendor that offered liability insurance. There are several companies that sell this liability coverage for estate liquidators. It is highly recommended that you ask an estate sale company before you make your interview appointment if they have their own liability insurance. If they don’t you may want to consider other companies. If someone decides to sue they usually sue all parties; homeowner and estate sale company.
It costs an estate liquidator extra expense, however, liability insurance can provide peace of mind for all parties and save homeowners and estate sale companies thousands of dollars.
Tip- If you are representing an estate you should have a homeowners policy and an estate sale company is well within their prerogative to turn down a liquidation sale that does not have liability coverage on the property.