Insurer finds a growing gap between liability coverage and growth in “nuclear verdicts.” https://bit.ly/3XLVfyD
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In a recent report, Chubb revealed a significant surge in large verdicts against corporate defendants, escalating by 273% from 2020 to 2022. These "nuclear verdicts" are driving insurance premiums and median limits to unsustainable heights, posing existential challenges for many organizations. The courts need to address this trend. The purpose of insurance is to indemnify, (i.e. to make whole again), not a winning lottery ticket for plaintiffs and their attorneys.
Organizations are vastly underestimating their liability risk
cfobrew.com
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💡 The Path Forward: Partnering for Protection Against Nuclear Verdicts 💡 The surge in nuclear verdicts necessitates a collaborative approach between businesses and their insurance partners to navigate these challenging legal and insurance landscapes effectively. Staying informed about industry trends and legal developments is key to formulating a robust defense strategy. Our latest blog post emphasizes the importance of understanding past precedents and current trends to tailor risk management practices that address the unique challenges your business faces. By adopting comprehensive risk management practices and working closely with a proactive independent agent, businesses can secure a more predictable legal environment for themselves. Learn how to protect your organization from the unpredictable nature of nuclear verdicts with thorough planning, ethical practices, and strategic insurance partnerships. Dive into our article for a deeper understanding and practical tips on fortifying your business against this growing threat. #LegalTrends #StrategicPartnerships #RiskMitigation https://lnkd.in/eEWbm5_C
Navigating the Surge in Nuclear Verdicts: Essential Insights for Business Leaders - GMG Insurance
https://www.gmgins.com
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💡 The Path Forward: Partnering for Protection Against Nuclear Verdicts 💡 The surge in nuclear verdicts necessitates a collaborative approach between businesses and their insurance partners to navigate these challenging legal and insurance landscapes effectively. Staying informed about industry trends and legal developments is key to formulating a robust defense strategy. Our latest blog post emphasizes the importance of understanding past precedents and current trends to tailor risk management practices that address the unique challenges your business faces. By adopting comprehensive risk management practices and working closely with a proactive independent agent, businesses can secure a more predictable legal environment for themselves. Learn how to protect your organization from the unpredictable nature of nuclear verdicts with thorough planning, ethical practices, and strategic insurance partnerships. Dive into our article for a deeper understanding and practical tips on fortifying your business against this growing threat. #LegalTrends #StrategicPartnerships #RiskMitigation https://lnkd.in/evYmGVDv
Navigating the Surge in Nuclear Verdicts: Essential Insights for Business Leaders - GMG Insurance
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Is your business prepared for a potential "nuclear verdict"? Jury awards of $10+ million, known as nuclear verdicts, are on the rise - and Texas is one of the top 4 states where they occur. Key takeaways from our latest blog: * Nuclear verdicts increased from 2013-2022, with a median of $21M * They're impacting insurance premiums across multiple coverage lines * Risk management strategies can help protect your business As your insurance advocate, we're here to help you address these challenges. Read our analysis and learn how to safeguard your company: https://lnkd.in/gD7fCys7 What's your biggest concern about liability risks?
The Rising Tide of Nuclear Verdicts: A Texas Insurance Perspective - Watkins Insurance Group
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🔍 Effective Management Strategies Against Nuclear Verdicts 🔍 In the face of escalating nuclear verdicts, adopting a proactive risk management strategy is more important than ever for businesses looking to protect themselves. In our latest blog post, we share insights from our partners over at Travelers as they discuss the significance of making informed strategic litigation decisions and choosing the right insurance partners. Our blog post outlines actionable steps for businesses to minimize their exposure to these devastating verdicts, from regular assessments of potential lawsuit areas to ongoing employee training and maintaining thorough records. The emphasis on enhancing safety measures, fostering a culture of transparency, and encouraging ethical decision-making across all levels of an organization cannot be overstated. Discover how aligning with knowledgeable risk advisors and ensuring adequate insurance protection can fortify your business's defenses in our detailed exploration of effective management strategies for navigating the surge in nuclear verdicts. #BusinessLeadership #RiskPrevention #InsuranceInsights https://lnkd.in/eEWbm5_C
Navigating the Surge in Nuclear Verdicts: Essential Insights for Business Leaders - GMG Insurance
https://www.gmgins.com
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Nuclear verdicts, exceeding $10 million in civil lawsuits, present significant challenges for defendants and insurers. These large awards often surpass actual damages, highlighting the importance of robust risk management in D&O and E&O liability insurance. Effective risk strategies are crucial to mitigate exposures, emphasizing the need for a well-rounded risk management framework alongside insurance coverage. Clear policy language is key in aligning expectations and preventing disputes, underlining the importance of thorough policy reviews. Organizations must prioritize risk identification, compliance culture, and comprehensive documentation to manage D&O and E&O risks effectively. Integrating insurance with strong risk management practices enhances resilience and reduces the impact of potential claims. https://lnkd.in/g7pHw6H5. #RiskManagement #Insurance #BusinessRisk
Into the Surge in High-Stakes Verdicts: A Deep Dive Into Nuclear Verdicts
insurancejournal.com
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Insurance Broker: Construction, Nonprofits, Hospitality, Manufacturing, Healthcare / Past President and Board Chairman: UNLV, LVNHM / Rotarian / VP/Shareholder
A #nuclearverdict is a jury award of at least $10M versus an organization. These awards have a large impact on rising rates for #commercialinsurance and are part of the reason for insurance premiums increasing - even if your organization has not had any claims. Product liability, auto accident, and medical liability cases account for two-thirds of all reported nuclear verdicts. #insurancerates #insuranceindustry
Nuclear Verdicts Surge With Median Award Near $24M in 2023 - Risk & Insurance
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Partnering with and Protecting Companies in Construction | Construction Risk Advisor | Woodruff Sawyer
Insightful information discussing the social and economic impacts of current legal system abuse strategies. Contractors and businesses alike are feeling the strain of large "nuclear" verdicts driven by Third Party Litigation Funding, putting pressure on commercial insurers and reinsurance markets. https://lnkd.in/ezwR67GW
Munich RP March2024
info.businessinsurance.com
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🚨 In today's shifting economic landscape, understanding and managing your company's total cost of risk is more important than ever. With inflation on the rise and a noticeable increase in nuclear claims, the insurance market is presenting new challenges. Check out our latest blog to learn more about how a proactive approach can make all the difference. 🌟 #RiskManagement #TotalCostOfRisk #InsuranceMarket https://lnkd.in/gJ2vchkC
Understanding the Total Cost of Risk (TCOR) in Manufacturing - Skarin Insurance Brokers
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Jury awards exceeding $10M, aka “nuclear verdicts,” are on the rise, and nowhere is this trend more evident than in product liability cases. What can #excesscarriers do to prevent or draw the sting from such massive awards? FBT attorney Jeremiah Byrne, who leads our product, tort and insurance litigation practice, recommends that carriers enlist monitoring counsel with proven trial experience and the right subject-matter expertise. How can this fresh set of eyes and extra layer of defense insulate #insurance carriers from #litigation risks? Read his analysis: https://lnkd.in/gjRKDUZ9. #InsuranceLaw #NuclearVerdicts #ProductLiability #InsuranceLitigation
Excess Insurance Carriers: Monitoring a Nuclear World with ‘Fresh Eyes’ - Frost Brown Todd | Full-Service Law Firm
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