What does an “Affidavit of Other Insurance” mean?
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What does an “Affidavit of Other Insurance” mean?
I rear-ended a person. My insurance is settling for the full policy limit but the other driver’s lawyer sent me an Affidavit of Other Insurance to sign. It says that by signing, I understand that I do not have any other liability insurance (I don’t) and any other “non-exempt assets”. What constitutes non-exempt assets? Also, if my husband’s policy and mine are join, -is that considered another liability policy?
Asked on April 23, 2011 under Accident Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Non-exempt assets are assets that would be subject to a levy by a judgement creditor. Generally speaking, Texas has a fair amount or protection for a judgement debtor. But here is my question: is the party that you rear ended settling for the policy as full payment for any injuries - personal or property - that they have sustained? Make sure of that please. The affidavit of no excess is just a precaution for the other party's attorney to make sure that there are no additional policies or assets that can also pay the damages alleged. Now, when you are talking about you and your husband and the insurance I am assuming that you mean that the policy in question lists you both and that it is the same policy (number and company), correct? Then you are fine. I might being all the documentation to an attorney to review on your behalf just to insure that this will put an end to it all forever. You need a copy of the release as well. Good luck.
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