Thanks for the advice. I wouldn't have the coverage if it wasn't almost free, I would have just stuck with the $1 million. I didn't see a downside to having the higher level of coverage, so your perspective is quite interesting! I may chat it over with our corporate lawyer next week, see what his thoughts are, and if they mirror yours.
That said, we have "no fault" insurance, so you always deal with your own insurance company. Not sure how that factors into the discussion here but if we are talking vehicle collisions, my understanding is that it's pretty straight-forward, everybody just deals with their own insurance company. Where it would be different would be like hitting a pedestrian or something, but I'm not familiar with the regulation on that or if scope of coverage is divulged?