Should I report injury claims to my insurance company?

  Should you report incidents that result in injury to your insurance agent?  Rather than worry that an injury claim might raise your homeowner policy premium consider this:  in NY the statute of limitations, that is the time between when an incident occurs and a lawsuit can be filed, is three years.  However for a child the statute of limitation's clock starts running when the individual turns 18.  In other words if a two year old child is injured on your property in the year 2016 they could conceivably bring a lawsuit against you in 2035, 19 years from now!  Sound preposterous!  Check out the 1/3/2016 edition of the Buffalo News and read how former Buffalo Sabre Grant Ledyard is being sued for an incident that occurred in his backyard during his son's birthday party in 2004.  An 11 year old girl was accidently struck in her mouth by a plastic golf club and brought suit against Ledyard 2 years ago when she turned 20.  By reporting the claim after it occurred Mr. Ledyard's company will defend him and pay a settlement if he loses the case.  So a word to the wise: don't be pennywise and pound foolish. Call your agent and report the claim.