Asset protection...does it even matter?

[Andrew Millard]

My question is mostly out of curiosity. Does anyone on here have any example of you or anyone else being sued and losing the entire asset, business or worse?

I hear so much about asset protection and it just gets me thinking, I've never heard of anyone being sued and losing everything or losing the asset. I own a couple rentals in a LLC with million dollar+ liability coverage, the likelihood that I would be sued and loose excess of that seems highly unlikely. Seems to me that if something major does come up the insurance will pick it up, and if not you will likely be held liable personally anyway for some reason or another.