Asset Search services are one of those areas that most people know little about until they need them. For years personal injury attorneys have conducted asset searches to satisfy their due diligence in determining the nature of a defendant or potential defendant’s assets and liabilities- who is at fault for a motor vehicle accident or other tort. They are aware that a defendant’s insurance may not be sufficient to satisfy the damages that their client has sustained as a result of someone else’s negligence.
When there is insufficient insurance coverage, both the attorney and client must decide weather to go after the defendant’s personal assets such as their real estate, boats, cars, planes and so forth. The way to determine the scope and nature of these assets, for attachment purposes, is to conduct an asset search. An attorney’s failure to adequately inform their client that they may be entitled to compensation above and beyond the defendant’s insurance coverage may be grounds for malpractice. Read on to see why.
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