The absolute worst case scenario would be backrupcy. Unlikely. Just cooperate with your insurance company. You'll be fine. Good luck.
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Report the claim to your insurance company if you haven't already. They have a duty to defend you. Just because the other party is asking for a huge settlement does not necessarily mean they have a case to substantiate a settlement this large.
Report this to your insurance carrier immediately.
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I'm sorry to hear about this. Simply report this to your insurance company, and let them resolve it. Don't lose any sleep over it. Good luck.
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The attorney for the other side is working on a contingency basis, so I am sure that through his investigation, the attorney knows that you do not own any assets beyond the recovery from your insurance. It is possible that the other party has a very high under insurance coverage ($250,000) which would explain why they are asking for such a large sum. Once they collect your policy limit, they will ask you to attest that you do not have any assets, which will allow them to collect from his own policy. Good luck.
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