Excess coverage issues require independent advice from your own attorney. In my states I would put the affidavit through the shredder. But, I am not licensed in FL. Retain your own attorney with your interests in mind, not those of the insurance company, which essentially wants to close a file. Read the section titled Legal Defense in this article: BLUE LINK BELOW
Law Offices of Andrew D. Myers, North Andover, MA & Derry, NH provide answers for informational purposes only. Actual legal advice can only be given by an attorney licensed in your jurisdiction, thoroughly familiar with the area of the law in which your concern lies. This creates no attorney-client relationship.
If you think the person's injuries were serious and will exceed the coverage, retain independent counsel in your city to protect your interests and assets. You can use Avvo's "find a lawyer" tool
If you only had a 10k policy and 30k in assets, you probably need to find another insurance agent. You are underinsured, and yes, you may get sued going either way. Speak to local counsel and see what they suggest you do. You obviously can't do anything "fraudulently" to hide your assets and be sure to obtain more coverage.
If you lie about your assets, then you will be digging yourself a deeper, wider legal hole since those are affidavits under oath. Tell your insurance company that you need one of their lawyers to assist you with asset protection or hire your own attorney. You may be able to create an irrevocable trust to shield those assets, but I don't practice in that area of law, so please seek competent counsel as well as increase your insurance policy's liability limits. There are other considerations such as if the money is a marital asset, etc.
The other consideration is whether or not the other party will settle for less than your policy limits. Attorneys typically demand policy limits in even soft tissue cases where the BI limits are $100K or more, yet as an adjuster, I settled dozens of soft tissue cases with $10K policy limits for less than $10K. Once opposing counsel files a lawsuit, though, it's over, because $10K is not enough to defend a case, and insurance companies fear bad faith verdicts. No sane insurance company defends on a 10/20 policy in Florida unless there is clear evidence of fraud.
As a plaintiff's attorney, I love $10K policy cases because I will file a lawsuit and go to court. Will this attorney do that? I don't know, and neither do you, so please, make preparations for the worst possible scenario, and act to prevent future scenarios.
I am a Florida attorney who practices in the areas of personal injury and criminal defense. My answers on Avvo are not legal advice, and they do not create an attorney-client relationship. If you contact me--please understand that I cannot contact you--then I will carefully evaluate your case and determine if I will accept you as a client. Unless you and I sign a contract for legal representation, then I am not your attorney. Furthermore, Avvo is a limited forum and not well-suited for complex legal analysis. You should always obtain competent legal advice from attorneys who will carefully evaluate all your case's facts. Avvo isn't the place for that.
It's possible that plaintiff's counsel may want to proceed with suit once they determine you have assets, or that they will simply ask you to contribute some of those personal assets in addition to the insurance coverage to settle the case. They may have a problem doing this, however, if they told your insurance company in their demand that they would settle for policy limits as long as you provided an affidavit. Unless they left the acceptance subject to a determination of your assets, your insurance could hold them to their demand and say the claim is settled.You should discuss this in detail with your company.
Sign up to receive a 3-part series of useful information and advice about personal injury law.