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The best form of protection would be to get insurance - an umbrella policy.
The next best course of action for you would be to document anything and everything that they have done to protect yourself.
What sort of things are they doing?
Yes, there is certainly issues there to be concerned about - especially drivers with unsafe driving histories and the lack of training needed to operate the amusement rides.
I would most certainly think about a big umbrella insurance policy. Have you talked to your insurance agent about increasing the liability limits or an umbrella policy?
I currently have the minimum that is required which is a $1 million general liability. The carrier I use has always recommended to go with the minimum that is required by law. They believe that the less we are insured, the less likely we are to be involved in a large law suit. A different carrier covers my property issureance, but I don't have an umbrella policy personally or for the business. Is that my best place to start, assuming that they are going to continue doing things in this reckless manner? There are umbrella policies that can protect me financially from the carelessness of the other corporate officers?
That's their perspective certainly - but I don't agree with them. Regardless, they have a duty to defend as per the policy.
I would purchase an umbrella policy for the business. An umbrella policy that you buy personally might protect you with business matters; however, I would really review that contract and get that in writing from the agent.
There is insurance policies too that specifically protect corporate officers and directors. That is another policy I would look at too.